USD/JPY’s Drop Hit The Minimum

Technical Reports

Pair’s drop from 114.73 hit the minimum of 111.06. Sustained breach of 111.64 support will indicate that entire recoil from 107.32 has ended at 114.73. Trading stays on the downside towards 61.8% retracement of 107.31 to 114.73 at 101.14. Following pivot points include: (S1) 110.74; (P) 111.62; (R1) 112.09.

Medium term corrective pattern from 118.65 has finished at 107.31. After a bottom formation under 101.14, there would be another surge. Breach of 112.71 resistance will suggest conclusion of the decline 114.73 and trading will turn up on the upside.

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.