Medium Term Falling Channel In USD/JPY
Pair’s trading stays cautiously on the downside. The recoil from 108.10 might have finished at 111.13. Breach of 109.36 support will indicate progression of the corrective pattern from 111.39. Following pivot points include: (S1) 110.32; (P) 110.47; (R1) 110.66.
The pair will head towards 108.10, and maybe lower. 61.8% retracement of 104.62 to 111.39 at 107.20 should restrain downside. Over 111.13, a repeat test of 111.39 level will be aligned.
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.