Extension of USD/JPY’s Rally

Technical Reports

Pair's rally from 108.81 extended after hitting a temporary top of 111.78. It has now achieved the maximum of 112.07. Trading is on the upside towards channel resistance. Following pivot points include: (S1) 111.34; (P) 111.64; (R1) 112.16.

Firm breach in that zone will indicate that there will suggest that the entire retreat from 118.65 has ended at 108.12. If that happens, another surge must head towards 114.36 resistance. Breach of 110.94 support will suggest that recoil from 108.81 is over and trading will turn up on the downside.

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.