USD/JPY’s Lift is Extending

Technical Reports

Pair’s trading stays on the upside. The lift from 108.81 is extending towards channel resistance. Following pivot points include: (S1) 111.71; (P) 112.09; (R1) 112.71.

Strong breach will argue that the entire retreat from 118.65 has concluded at 108.12. If that happens, another increase should head towards 114.36 resistance. Breach of 110.94 support will indicate ending of recoil from 108.81. Then, 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.