Growth Resumption In USD/JPY

Technical Reports

Trading is on the upside for key resistance zone 114.20/73, as break of minor resistance 113.21 indicates resumption of the growth from 112.30. Price moves from 114.54 are seen as a consolidation. Pivot points are at: (S1) 112.75; (P) 112.88; (R1) 113.10.

While deeper fall is expected, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring a rebound. Break of key resistance zone 114.20/73 will resume larger rally from 104.62. Overcoming of minor support 112.66 will extend the fall from 114.20 towards support 111.37.

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.