USD/JPY’s Decisive Fall

Pair’s trading became neutral due to actual decisive fall. Another lift is expected if the whole 112.88 minor support stands. Strong breach of 114.36 resistance will mean that corrective retreat from 118.65 has finished at 108.12. If that happens, another rally should align a repeat test of 118.65. Following pivot points include: (S1) 113.60; (P) 114.05; (R1) 114.38.

Breach of 112.88 support should argue projection and short term reversal. If that happens, trading will turn up on the downside towards 4 hour EMA.

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.