USD/JPY Remains In Consolidation

Technical Reports

Trading is neutral for consolidation from a temporary top 114.05. Deeper pull back is not excluded. Pivot points are at: (S1) 113.46; (P) 113.75; (R1) 113.98.

Downside should be contained above support 112.55. Trading above 114.05 will target key resistance 114.73. Overcoming of key resistance 114.73 will confirm larger bullish forecast and the pair aline resistance 118.65.

Overcoming of resistance 114.73 will renew growth from 98.97 to 100% projection of 98.97 to 118.65 from 104.62 at 124.30, which is close to 125.85. A corrective drop from 118.65 should have completed with three waves down to 104.62, but deeper fall is possible to 61.8% retracement of 104.62 to 113.17 at 107.88 and below.