Consolidative Price Moves In USD/JPY

Technical Reports

Trading is on the upside for resistance 114.03. Price moves from 114.54 are seen as a consolidation. Trading below 113.00 will back to the downside for 112.23. Pivot points are at: (S1) 113.10; (P) 113.31; (R1) 113.48.

Hitting of resistance 113.04 should renew the bounce from 111.37 to key resistance 114.54. As deeper fall is not excluded, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring a rebound. The growth from 104.62 is expected to renew later.

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.