Consolidation in USD/JPY Goes On
Trading in the pair is neutral, as a consolidation from 109.83 continues. Pivot points are at: (S1) 109.98; (P) 110.52; (R1) 111.19.
Resumption of a correction from 118.65 is awaited in the pair. The correction can target 61.8% retracement of 98.97 to 118.65 at 106.48. Further decline is awaited in the pair while resistance 112.18 keeps.
Corrective decline from 118.65 suggests that growth from 98.97 is not completed yet. The pair can test maximum 125.85, because of overcoming of 118.65 level. If decline from 118.65 extends lower, downside should be contained by 61.8% retracement of 98.97 to 118.65 at 106.48. Recoil in the pair is possible.