USD/JPY Still On The Upside

Technical Reports

Pair’s trading stays on the upside. The recoil from 109.76 is extending towards 112.14 resistance. The correction from 113.17 should have ended at 109.76. Following pivot points include: (S1) 111.23; (P) 111.53; (R1) 111.98.

Breach of 112.14 should align a test of 113.17 maximum. Break of 110.93 minor support will mute the bullishness and align 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.