USD/JPY is Restricted In Consolidation

Technical Reports

The pair is restricted inside of consolidation under 111.78. Trading stance is neutral. If the whole 110.63 minor support is present, another lift is anticipated. Following pivot points include: (S1) 111.02; (P) 111.23; (R1) 111.52.

Breach of 111.78 will head towards short term channel resistance. Choppy breach in that place should prove that the intact retreat from 118.65 has finished 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.