USD/JPY Inside Tightening Diapason

Technical Reports

The pair stuck inside of limiting diapason between 111.24 and 112.14. Trading remains neutral. Another increase is expected as long as the whole minor support of 111.24 holds. Over 112.14, USD/JPY will align 113.17 resistance. Following pivot points include: (S1) 111.40; (P) 111.57; (R1) 111.83.

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.