Temporary Low In USD/JPY

Technical Reports

Trading is neutral, with a temporary low at 112.30. Trading below 112.30 will renew the fall from 114.20 to support 111.37. Pivot points are at: (S1) 112.39; (P) 112.61; (R1) 112.97.

While deeper fall is expected while minor resistance 113.09 keeps, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. Trading above minor resistance 113.30 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.