USD/JPY Dips Lower

Technical Reports

Trading is on the downside for 112.30, as the bounce from 112.30 should have completed at 114.03. Price moves from 114.54 are seen as a consolidation. Pivot points are at: (S1) 113.22; (P) 113.45; (R1) 113.72.

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. Trading above 114.03 will bring a test on key resistance zone 114.54/73. Hitting of 112.30 will aline 111.37 and possibly below.

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.