USD/JPY: Deeper Pull Back Is Not Excluded

Technical Reports

Trading is neutral for consolidation, as a short term top could be formed ahead of resistance 114.73. Pivot points are at: (S1) 113.49; (P) 113.79; (R1) 114.03.

Hitting of minor support 113.51 will bring deeper pull back to 38.2% retracement of 110.37 to 114.54 at 112.94. Overcoming of key resistance 114.73 will confirm larger bullish forecast and the pair aline resistance 118.65. Downside should be contained by strong support from 38.2% retracement of 110.37 to 114.54 at 112.94.

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.