The USD/JPY Has Formed a Short Term Top

The pair’s trading is on the downside, as a short term top should be in place at 113.43,. Following pivot points include: (S1) 112.01; (P) 112.41; (R1) 112.85.

Deeper decrease is possible in the pair to 111.32, and overcoming of that level will bring retest of 107.31.

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.