Correction In USD/JPY Should Be Over

Technical Reports

The pair remained inside of limiting diapason under the short term top of 111.48. Trading is still neutral. The correction from 113.17 should have ended at 109.76. Following pivot points include: (S1) 110.98; (P) 111.17; (R1) 111.39.

Over 111.48, the recoil from 109.76 will edge higher to 112.14. Breach will align a test on 113.17 maximum. Under the minor support of 110.74, the bullishness will be subdued and USD/JPY will head towards 109.76.

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. Larger decline should align 61.8% retracement of 104.62 to 113.17 at 107.88 and lower.