USD/JPY’s Dropped To Minimum

Technical Reports

Pair’s decline hit the minimum of 106.30 and aligned 106.48 fibonacci level. Sustained support near 106.48 should cause recoil. Breach of 107.89 minor resistance will point out temporary bottoming. Following pivot points include: (S1) 106.52; (P) 107.21; (R1) 107.69.

The prognosis should remain bearish. Strong breach of 106.48 will prolong the medium term drop from 118.65 for 100% projection of 118.65 to 108.12 from 114.73 at 104.20.

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.