Restoration of USD/JPY's Rally

Technical Reports

The pair hit support from 4 hour 55 EMA and recommenced. Still, it’s holding under the near term top of 110.02. Trading stays neutral. Following pivot points include: (S1) 109.33; (P) 109.50; (R1) 109.82.

If further drop occurs, 38.2% retracement of 104.62 to 110.02 at 107.95 will restrain downside and lead to restoration of rally. Breach of 110.02 will expand the lift from 104.62 to 61.8% retracement of 114.73 to 104.62 at 110.86.

Corrective drop from 118.65 has completed at 104.62. Growth from 98.97 could be extending the uptrend from 98.97. Sustained breach of 114.73 resistance will head towards 118.65 and higher.