Rally In USD/JPY

Technical Reports

Pair’s trading stays neutral. Breach of 111.73 minor resistance will extend the recoil from 109.76 for repeat test of 113.17 maximum. Following pivot points include: (S1) 110.56; (P) 110.90; (R1) 111.43.

Breach should prolong bigger increase from 104.62. Under 110.37, USD/JPY will cause larger decline. Firm support from 38.2% retracement of 104.62 to 113.17 at 109.90 should retain downside to draw recoil.

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.