Short Term Reversal in USD/JPY

Technical Reports

Another rally towards 114.36 resistance favors if the entire 111.72 support stands. Breach in that area will argue that corrective retreat from 118.65 has concluded at 108.12. If that happens, another rally should head towards a repeat test of 118.65 level. Following pivot points include: (S1) 112.85; (P) 113.14; (R1) 113.57.

Breach of 111.72 should suggest short term reversal and move trading to the downside towards 108.81.

The lift from 98.97 keeps progressing. Breach of 118.65 will head towards a test on 125.85 maximum. Expansion of the long term uptrend from 75.56 is unlikely. Formation of a top around 125.85 will be closely watched.