USD/JPY's Consolidation

Technical Reports

Pair’s trading stays neutral. The consolidative pattern from 111.82 should prolong with further drop. 38.2% retracement of 104.62 to 113.17 at 109.90 should retain downside and cause recoil. Following pivot points include: (S1) 111.02; (P) 111.34; (R1) 111.56.

Breach 111.82 will confirm extension of increase from 109.76. In that case, trading will turn up on upside to repeat test of 113.17 maximum. Sustained breach in that area will extend deeper rally from 104.62.

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.