USD/JPY’s Bottoming Sign

Technical Reports

Pair’s trading stays on the downside towards 110.83 support. The decline from 114.73 is progressing. Breach of 110.83 will head towards 61.8% retracement of 107.31 to 114.73 at 110.14. Following pivot points include: (S1) 110.86; (P) 111.82; (R1) 112.38.

Some bottoming sign should occur under 110.14. Over 112.05 minor resistance trading will turn up in the neutral position.

The correction from 118.65 has ended at 107.31. A medium term growth from 98.97 continues. Firm breach of 114.73 will head towards a test on the 118.65 maximum. Breach of 107.31 will prolong the medium term drop towards the minimum of 98.97.