Temporary Top In USD/JPY

Technical Reports

Trading is neutral, with a temporary top at 113.38. Trading above 113.38 will widen the bounce from 111.37 to key resistance zone 114.54/73. Pivot points are at: (S1) 112.73; (P) 113.05; (R1) 113.31.

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. The pair’s growth should extend while minor support 112.56 keeps.

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.