USD/JPY Confined In Range

Technical Reports

Pair’s trading is still neutral. USD/JPY is confined inside of 110.37/111.82 diapason. Breach of 111.73 minor resistance will extend the recoil from 109.76. Trading will then turn up on the upside to repeat test of 113.17 maximum. Following pivot points include: (S1) 110.90; (P) 111.07; (R1) 111.30.

Choppy breach should expand bigger rally from 104.62. Under 110.37, larger decline will occur. Firm support from 38.2% retracement of 104.62 to 113.17 at 109.90 should retain downside and 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.