USD/JPY’s Bullish Prognosis
Pair’s short term prognosis stays bullish till another lift towards 114.36 resistance if the whole 111.72 minor support is present. The intact corrective retreat from 118.65 has finished at 108.12. Following pivot points include: (S1) 112.46; (P) 112.97; (R1) 113.88.
Breach of 114.36 will reinforce the bullishness and head towards 118.65. Breach of 111.72 support should point out formation of a near term top. If USD/JPY pulls back, prognosis stays bullish.
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.