Growth Resumption In USD/JPY

Technical Reports

Trading is on the upside for retesting high 114.54, as break of temporary top 112.72 suggests resumption of the bounce from 111.62. Pivot points are at: (S1) 112.23; (P) 112.44; (R1) 112.74.

Trading below 111.94 wil point out resumption of the corrective drop from 114.54 to 38.2% retracement of 104.62 to 114.54 at 110.75. Bottoming signal is possible above key support 109.76.

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.