USD/JPY’s Upside Impulse

Pair keeps lacking the upside impulse. Another increase is likely if the whole 111.46 minor support stands. Firm breach of medium term channel resistance will indicate that the correction from 118.65 has concluded at 107.31. Following pivot points include: (S1) 111.99; (P) 112.59; (R1) 112.94.

Breach of 114.49 will suggest bullishness and align a test on 118.65 level. Breach of 111.46 support will mark rejection from the channel resistance and trading will turn up on the downside.

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.