Drop In USD/JPY Has Resumed

Technical Reports

Trading is on the downside for support 112.30, as break of minor support 113.18 suggests resumption of the fall from 114.03. Price moves from 114.54 are seen as a consolidation. Pivot points are at: (S1) 113.40; (P) 113.61; (R1) 113.86.

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 resume the growth from 111.37 to resistance 114.73. 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.