USD/JPY’s Another Surge

Technical Reports

The pair is sticking inside of diapason under 112.71. Trading stays neutral. If 111.07 support is present, another surge is anticipated. Firm breach of medium term channel resistance of 112.90 will point out ending of the entire correction from 118.65. Following pivot points include: (S1) 111.65; (P) 112.06; (R1) 112.63.

Another increase will align 114.49 resistance. Breach of 111.07 minor support will make the rejection from channel resistance more likely and trading will turn up on the downside towards 55 day EMA and lower.

The increase from 98.97 is viewed as a part of corrective pattern from 125.85 and it’s resuming. If 114.49 resistance stands, medium term prognosis will remain bearish. Breach of 114.49 might head towards a repeat test on 125.85 maximum.