USD/JPY’s near term top, pull back, trading became neutral, recoil, repeat test of key resistance, rally

Technical Reports

Trading is neutral, as the pair is staying in a range of 0.9734/9881. Pivot points are at: (S1) 0.9804; (P) 0.9836; (R1) 0.9881.

Bottoming in the pair is possible below 61.8% retracement of 0.9420 to 1.0037 at 0.9656. Overcoming of resistance 0.9881 will indicate completion of the fall from 1.0037. The pair can retest 1.0037.

The pair’s trading stays in a range of 0.9420/1.0342 and a medium term forecast is neutral. Overcoming of 1.0342 will confirm resumption of upside momentum.