USD/JPY’s Another Fall

Technical Reports

The pair is bounded inside of 110.61/112.41 diapason. Trading character is neutral. If the entire 112.41 level stands, another fall awaited. Following pivot points include: (S1) 110.76; (P) 111.47; (R1) 111.89.

Under 110.61, the pair will head towards 108.81. Breach in that area will extend the entire correction from 118.65 and align 61.8% retracement of 98.97 to 118.65 at 106.48. Breach of 112.41 will subdue the bearishness and 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. If decline from 118.65 moves downwards, 61.8% retracement of 98.97 to 118.65 at 106.48 should restrain the downside and cause recoil.