Temporary Top in USD/JPY

Technical Reports

Pair’s trading tone is neutral towards consolidation under the temporary top of 111.78. If 110.63 minor support stands, another lift is possible. Following pivot points include: (S1) 111.03; (P) 111.39; (R1) 111.71.

Breach of 111.78 will head towards short term channel resistance. Firm breach in that area should prove that the entire retreat from 118.65 has concluded at 108.12. Another increase might head towards 114.36 resistance. Breach of 110.63 will move trading to the downside towards 108.81.

Price behavior from 125.85 high is considered as a correction. Actual movement proves that it keeps progressing. If deeper fall occurs, 61.8% retracement of 75.56 to 125.85 at 94.77 must fill the downside and cause recoil. Lift from 75.56 is likely to expand after conclusion of the correction.