Loss Of Upside Impulse In USD/JPY

Technical Reports

Trading is neutral, as the pair lost upside impulse after reaching 112.88. Bottoming signal is possible above key support 109.76. Pivot points are at: (S1) 112.49; (P) 112.68; (R1) 113.02.

As further growth is expected, upside should be limited by 61.8% retracement of 114.54 to 111.62 at 113.42. Trading below 111.94 will back to the downside for low 111.62 and point out resumption of the corrective drop from 114.54 to 38.2% retracement of 104.62 to 114.54 at 110.75.

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.