USD/JPY: Corrective Drop Could Extend

Technical Reports

Trading tone is neutral, as the corrective fall from 113.17 could extend lower. Growth resumption is expected. Pivot points are at: (S1) 110.80; (P) 111.02; (R1) 111.46.

Downside should be contained by 38.2% retracement of 104.62 to 113.17 at 109.90. Overcoming 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.