Progression of USD/JPY’s Consolidation
Pair’s trading is still neutral. The consolidation from 113.25 is progressing. Decisive breach of medium term channel resistance will affirm that correction from 118.65 has finished at 107.31. Following pivot points include: (S1) 112.40; (P) 112.67; (R1) 113.01.
Breach of 114.49 will point out bullishness and align a test on 118.65 level. According to bearish divergence in 4 hour MACD, breach of 111.46 support will indicate 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.