USD/JPY’s Medium Term Channel Resistance

Pair’s trading condition is neutral. The consolidation under temporary top of 112.91 prevails. Firm breach of the medium term channel resistance will suggest that the entire retreat from 118.65 has ended at 108.12. Following pivot points include: (S1) 111.85; (P) 112.23; (R1) 112.73.

Another increase should head towards 114.36 resistance. Breach of 110.94 support will indicate conclusion of recoil from 108.81. Then, trading will turn up on the downside.

The lift from 98.97 keeps progressing. Breach of 118.65 will head towards a test on 125.85 maximum. Expansion of the long term uptrend from 75.56 is unlikely. Formation of a top around 125.85 will be closely watched.