USD/JPY Increasing

Technical Reports

The pair keeps growing. Still, it’s sticking under 110.89 resistance. Trading tone is neutral. Breach of 110.89 will extend the increase from 108.10 and align 111.39. Sustained breach in that zone will prolong the rally from 104.62 and align 114.73 key resistance. Following pivot points include:(S1) 110.09; (P) 110.38; (R1) 110.80.

Under 109.36, the consolidation from 111.39 will resume with further reduction. Firm support from 61.8% retracement of 104.62 to 111.39 at 107.20 should restrain downside and draw recoil.

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.