USD/JPY’s Downtrend

Technical Reports

Pair’s trading stays on the downside. Downtrend from 118.65 has extended. And now, it should head towards 100% projection of 118.65 to 108.12 from 114.73 at 104.20. Following pivot points include: (S1) 105.20; (P) 105.75; (R1) 106.25.

Sustained breach should align a key support of 98.97. Over 106.37 minor resistance, trading will turn up in the neutral position. If 107.67 resistance is present, forecast stays bearish.

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.