Temporary Top in USD/JPY

Technical Reports

Pair’s trading character is neutral. USD/JPY is limited in consolidation under temporary top of 111.78. If the entire 110.63 minor support is present, another increase prevails. Following pivot points include: (S1) 111.12; (P) 111.28; (R1) 111.40.

Over 111.78, USD/JPY will head towards a channel resistance. Decisive breach in that spot will argue that the entire retreat from 118.65 has ended at 108.12. If that happens, another increase must 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.