Lack of Impulse in USD/JPY

Pair lacks some impulse after defending 111.78 level. Trading became neutral. If 110.63 minor support is present, another increase is possible. Following pivot points include: (S1) 111.24; (P) 111.51; (R1) 111.72.

Over 111.78, USD/JPY will head towards short term channel resistance. Strong breach in that area indicates that the entire retreat from 118.65 has finished at 108.12. Another increase might head towards 114.36 resistance. Breach of 110.63 will move trading to the downside towards 108.81.

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.