USD/JPY's Larger Retreat

Technical Reports

Pair’s trading is still neutral. Larger retreat is projected. 38.2% retracement of 104.62 to 113.17 at 109.90 should retain downside and draw recoil. Following pivot points include: (S1) 110.90; (P) 111.04; (R1) 111.25

Price dynamic from 113.17 is seen as a corrective pattern. Breach of 111.82 will argue conclusion of correction at 109.76. Another increase would then align repeat 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.