USD/JPY Daily Outlook
Daily Pivots: (S1) 108.97; (P) 109.21; (R1) 109.66;
With 108.54 minor support intact, intraday bias in USD/JPY remains on the upside. Rise from 104.62 is in progress and should target 61.8% retracement of 114.73 to 104.62 at 108.48 9 110.86 next. On the downside, below 108.54 minor support will turn bias neutral and bring consolidation first, before staging another rise.
In the bigger picture, break of 108.12 support turned resistance now suggests that corrective fall from 118.65 (2016 high) has completed with three waves down to 104.62. And, rise from 98.97 (2016 low) could be resuming. Focus is back on 114.73 resistance and break there will pave the way to 118.65 and above. This will now be the preferred case as long as USD/JPY stays above 55 day EMA (now at 107.47).
USD/CAD Daily Outlook
Daily Pivots: (S1) 1.2811; (P) 1.2854; (R1) 1.2889;
A temporary top is in place at 1.2896 with 4 hour MACD staying below signal line. Intraday bias in USD/CAD is turned neutral first. Downside of retreat should be contained by 1.2748 minor support to bring another rise. Above 1.2896 will turn bias back to the upside for 1.3124 resistance next. However, firm break of 1.2748 will turn focus back to 1.2526 support instead.
In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.
