USD/JPY’s Upward Recoil

Pair’s trading is on the upside. The upwards recoil from 108.81 should extend towards short term channel resistance. Firm breach in that place indicates that the entire retreat from 118.65 has ended at 108.12. Following pivot points include: (S1) 110.52; (P) 110.97; (R1) 111.29.

Another lift might head towards 114.36 resistance. Breach of 108.81 will push the decline from 118.65 through the minimum of 108.12. Then, it will finish.

Price behavior from 125.85 high is considered as a correction. Actual movement proves that it keeps progressing. If deeper fall occurs, 61.8% retracement of 75.56 to 125.85 at 94.77 must fill the downside and cause recoil. Lift from 75.56 is likely to expand after conclusion of the correction.