Progression of USD/JPY’s Decline
Pair’s decline from 114.49 is progressing and hits the 110.61 level. Trading is on the downside towards 108.81 support. The whole correction from 118.65 is extending. Following pivot points include: (S1) 110.73; (P) 111.40; (R1) 111.79.
Breach of 108.81 will head towards 61.8% retracement of 98.97 to 118.65 at 106.48. Breach of 111.47 minor resistance will neutralize trading and USD/JPY will recommence. Then, further fall will occur.
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.