USD/JPY’s Trading Still on The Upside

Technical Reports

Pair’s trading is still on the upside. The increase from 108.81 keeps expanding towards channel resistance. Firm breach will confirm that the intact retreat from 118.65 has ended at 108.12. Following pivot points include: (S1) 111.96; (P) 112.18; (R1) 112.55.

Another surge should head towards 114.36 resistance. Breach of 110.94 support will argue conclusion 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.