USD/JPY's Pull Back

Technical Reports

Pair’s trading became neutral. USD/JPY pulled back after touching 112.14. Another increase is expected while the whole minor support of 111.24 is present. Over 112.14, 113.17 resistance will be aligned. Following pivot points include: (S1) 111.35; (P) 111.75; (R1) 112.11.

Strong breach should extend deeper rally from 104.62 to the key resistance of 114.73. Under the minor support of 111.24, the corrective decline from 113.17 will resume with further fall. 38.2% retracement of 104.62 to 113.17 at 109.90 should restrain downside and draw recoil.

The corrective fall from 118.65 should have finished at 104.62. Strong breach of 114.73 will extend the intact rally from 98.97 for 100% projection of 98.97 to 118.65 from 104.62 at 124.30 near 125.85.