USD/JPY’s Downside Trading

Pair’s trading is on the downside towards 55 day EMA. The rejection from 114.36 resistance argues that intact correction from 118.65 keeps enlarging. Following pivot points include: (S1) 111.98; (P) 112.78; (R1) 113.30.

Firm breach of 55 day EMA will head towards 108.12 and lower. Over 113.57 minor resistance, 114.49 resistance will be in the spotlight.

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.