USD/JPY: Decline Extends

Technical Reports

Trading is on the downside, as the drop from 114.20 is seen as the third leg of the consolidation from 114.54. Pivot points are at: (S1) 112.36; (P) 112.61; (R1) 112.81.

While deeper fall to support 113.37 is expected, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. Trading above minor resistance 113.70 will back to the upside for 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.