USD/JPY Recovers Slightly

Technical Reports

Stance of trading is neutral with focus on 38.2% retracement of 110.37 to 114.54 at 112.94. Trading below 38.2% retracement of 110.37 to 114.54 at 112.94 will aline 61.8% retracement at 111.96. Pivot points are at: (S1) 112.76; (P) 113.07; (R1) 113.28.

Hitting of 113.55 will indicate completion of the pull back from 114.54. In that case, trading will be turned back to the upside for retesting 114.54 and key resistance 114.73.

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.