USD/JPY's Rally

Technical Reports

Pair’s trading stays on the upside. Actual rally from 104.62 keeps expanding and is expected to align 61.8% retracement of 114.73 to 104.62 at 110.86. Strong breach in that area will head towards 112.43 medium term trend line resistance. Following pivot points include: (S1) 110.16; (P) 110.28; (R1) 110.54.

Under 109.14 support, a temporary topping will be confirmed. If USD/JPY pulls back, the prognosis will stay bullish.

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.