USD/JPY: Recovery Has Completed

Technical Reports

Trading is on the downside for 111.62, as break of minor support 111.94 indicates completion of the recovery from 111.62 at 112.88. Bottoming signal is possible above key support 109.76. Pivot points are at: (S1) 111.98; (P) 112.36; (R1) 112.63.

Trading above 112.88 will extend the bounce from 111.62. Hitting of 111.94 will widen the fall from 114.54 through 111.62 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.