Bullishness In USD/JPY Is Over

Technical Reports

Pair’s break of 110.93 minor support indicates potential ending of the recoil from 109.76, which cancels bullishness. Trading is now on the downside to 109.76 support. Following pivot points include: (S1) 111.23; (P) 111.53; (R1) 111.98.

The key support of 109.36/76 should cause recoil. Strong breach in that area will suggest bearish sentiment. Over 111.82, the bullishness will restore and repeat test of 113.17 maximum will be aligned.

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.