Decline in USD/JPY Has Resumed

Trading in the pair is on the downside for support 108.81, as a fall from 114.49 has resumed. Pivot points are at: (S1) 110.11; (P) 110.46; (R1) 110.69.

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. A short term top can be formed in the pair.

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.