USD/JPY Is Limited

Technical Reports

The pair remains limited inside of diapason. Trading stays neutral. Breach of 108.27 will suggest short term reversal and align 110.47 resistance. Following pivot points include: (S1) 106.31; (P) 106.92; (R1) 107.27.

Under 106.37 minor support, USD/JPY will head towards repeat test of 105.54 minimum. Breach of 105.54 will enlarge the deeper fall from 118.65 and align 100% projection of 118.65 to 108.12 from 114.73 at 104.20.

The corrective pattern from 118.65 is progressing. Strong breach of 61.8% retracement of 98.97 to 118.65 at 106.48 indicates extension of the pattern from 125.85 maximum. Larger decrease should surpass the key support of 98.97. If 110.47 resistance is present, the forecast stays bearish.