USD/JPY: Bounce Is In Progress

Technical Reports

Trading is on the upside, as bounce from 111.37 continues. Corrective fall from 114.54 should have completed at 111.37. Pivot points are at: (S1) 112.56; (P) 112.83; (R1) 113.34.

Overcoming of 112.56 will indicate widening of the correction from 114.54 to 38.2% retracement of 104.62 to 114.54 at 110.75 before completion. Growth from 111.37 should widen to key resistance zone 114.54/73.

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.