USD/JPY’s Diapason

Technical Reports

The pair remains limited inside of 108.27/110.47 diapason. Trading is still neutral. Deeper fall from 114.73 is probably extending. Breach of 108.27 will enlarge the medium term correction from 118.65. Following pivot points include: (S1) 108.29; (P) 109.03; (R1) 109.50.

USD/JPY should surpass 107.31 to reach fibonacci level of 106.48. Over 110.47, trading will turn up on the upside and there would be a larger recoil in the pair.

The corrective pattern from 118.65 is progressing. USD/JPY might decline to 61.8% retracement of 98.97 to 118.65 at 106.48, which will restrain downside and cause restoration of increase from 98.97. Firm breach of 106.48 will push the pair through 98.97 and thus the corrective drop from 125.85 will extend.