USD/JPY’s Bullishness

Pair’s trading stays on the upside. The increase from 107.31 is expanding. Strong breach of medium term channel resistance suggests that correction from 118.65 has finished at 107.31. Following pivot points include: (S1) 112.25; (P) 112.75; (R1) 113.30.

Breach of 114.49 will mark bullishness and align a test on 118.65. Breach of 111.46 support will argue near term top formation.

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.