Rise in USD/JPY Has Resumed
Trading in the pair is on the upside for resistance 114.36, as increase has resumed. Pivot points are at: (S1) 112.85; (P) 113.14; (R1) 113.57.
A corrective pullback from 118.65 can complete at 108.12. The pair can retest 118.65. Overcoming of support 112.88 will indicate a short term top.
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.