USD/JPY's Downtrend Restoration

Technical Reports

The pair is holding inside of diapason under 107.48. Trading tone is neutral. Under the minor support of 106.61, larger drop will align 105.65. Breach of 105.65 support will suggest conclusion of recoil from 104.62 and head towards a test of 104.62 minimum. Following pivot points include: (S1) 106.53; (P) 106.89; (R1) 107.13.

Medium term bearishness to further downtrend restoration is likely to be maintained. Over, 107.48 will prolong the recoil to 38.2% retracement of 114.73 to 104.62 at 108.48 9 near 108.12.

Medium term downtrend from the 118.65 maximum keeps expanding. Downside impulse is getting stronger and the entire corrective pattern from 125.85 might be progressing. 100% projection of 118.65 to 108.12 from 114.73 at 104.20 level will be closely monitored. Strong breach in that area will cause a downside boost. Key support of 98.97 should be aligned. While the support turned resistance of 108.12 is present, prognosis remains bearish.