USD/JPY's Recommencement Pushed Upwards
Pair’s recommencement from the temporary minimum of 110.61 pushed upwards. Still, USD/JPY is holding under 112.41 resistance. Trading condition is neutral. Following pivot points include: (S1) 111.15; (P) 111.55; (R1) 112.28.
If the whole 112.41 level holds, further drop is favored. Under 110.61, the pair will head towards 108.81. Breach in that spot will extend the entire correction from 118.65 and align 61.8% retracement of 98.97 to 118.65 at 106.48. Breach of 112.41 will mute the bearishness and 114.49 resistance will be in the spotlight.
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.