USD/JPY: Correction Has Resumed

Technical Reports

Trading is on the downside for 38.2% retracement of 104.62 to 113.17 at 109.90. Overcoming of temporary low 110.74 points out resumption of the correction from 113.17. Pivot points are at: (S1) 110.63; (P) 111.01; (R1) 111.35.

Downside should be contained by strong support from 109.90. Break of minor resistance 111.53 will back trading to the upside for retesting maximum 113.17.

A corrective fall from 118.65 has completed with three waves down to 104.62. Break of resistance 114.73 will renew whole growth from 98.97 to 100% projection of 98.97 to 118.65 from 104.62 at 124.30, which is reasonably close to 125.85.