Another Rally in USD/JPY

Technical Reports

Pair’s trading is still neutral. Short term prognosis remains bullish and another rally is possible if the entire 112.95 support is present. Stable trading over 114.49 will align a repeat test of 118.65 maximum. Following pivot points include: (S1) 113.51; (P) 113.75; (R1) 114.12.

Breach of 112.95 support will confirm rejection from 114.49 and trading will turn up on the downside towards 111.64 support and lower.

A medium term growth from 98.97 continues. Overcoming of resistance 114.49 will prolong the lift to 61.8% projection of 98.97 to 118.65 from 107.31 at 119.47. 100% projection at 126.99 is about to be taken out, which will be the sign of long term uptrend progression.