Corrective Pattern In USD/JPY

Technical Reports

Pair’s trading is neutral. Decline from 111.82 might push downwards. Price dynamic from 113.17 is seen as a corrective pattern. Following pivot points include: (S1) 110.82; (P) 110.98; (R1) 111.27.

38.2% retracement of 104.62 to 113.17 at 109.90 should retain downside and draw recoil. Over 111.82, the recoil from 109.76 will extend to align a test of 113.17 maximum.

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.