USD/JPY’s Breach of 55 Day EMA
At this point, pair’s trading is still on the downside. Firm breach of 55 day EMA will expand the decline from 114.49 towards the support of 108.81. Following pivot points include: (S1) 111.60; (P) 112.13; (R1) 112.59.
The entire correction from 118.65 might be extending. Breach of 108.81 will head towards 61.8% retracement of 98.97 to 118.65 at 106.48. Over 112.86 minor resistance trading will turn up in the neutral position.
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. If decline from 118.65 moves downwards, 61.8% retracement of 98.97 to 118.65 at 106.48 should restrain the downside and cause recoil.