USD/JPY’s 55 Day EMA

Pair’s trading stays neutral. If the entire support level of 111.07 is present, another increase is expected. Choppy breach of 113.03 medium term channel resistance will mean that the correction from 118.65 has finished. Following pivot points include: (S1) 111.27; (P) 111.90; (R1) 112.33.

Another lift will head towards 114.49 resistance. Breach of 111.07 minor support will make the rejection from channel resistance more likely and trading will turn up on the downside towards 55 day EMA and lower.

The increase from 98.97 is viewed as a part of corrective pattern from 125.85 and it’s resuming. If 114.49 resistance stands, medium term prognosis will remain bearish. Breach of 114.49 might head towards a repeat test on 125.85 maximum.