Extension Of USD/JPY's Decline

Technical Reports

Pair’s breach of 110.68 minor support indicates extension of decline from 111.82. Trading turned up on the downside to larger fall. The correction from 113.17 has finished at 109.76. Following pivot points include: (S1) 110.32; (P) 110.93; (R1) 111.34.

Firm support from 38.2% retracement of 104.62 to 113.17 at 109.90 should retain downside and draw recoil. Over 111.75/82, USD/JPY will align a test of 113.17 maximum. Breach of 109.76 will head towards key support of 109.36.

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.