USD/JPY's Recoil

Technical Reports

Pair’s trading is neutral. USD/JPY aligned the minor support of 109.46. Breach in that area will confirm that recoil from 108.10 has ended at 110.26. In that case, trading will turn up on the downside to 108.10, and for 61.8% retracement of 104.62 to 111.39 at 107.20. Following pivot points include: (S1) 109.39; (P) 109.79; (R1) 110.10.

Breach of 110.26 will extend the recoil for 111.39 resistance.

The corrective fall from 118.65 should have finished at 104.62. USD/JPY is restricted inside of medium term falling channel from 118.65. Firm breach of 61.8% retracement of 104.62 to 111.39 at 107.20 will extend the decrease from 118.65 through the minimum of 104.62.