Temporary Top In USD/JPY

Technical Reports

Trading is neutral for consolidation, as a temporary top was formed at 114.54. Further growth is expected while support 113.51 keeps. Pivot points are at: (S1) 113.53; (P) 114.04; (R1) 114.45.

Hitting of support 113.51 will indicate a short term topping. 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.