USD/JPY’s Retreat is Extending

Pair's retreat from 114.44 is extending and it might go downwards. Since 111.64 support stands, prognosis remains bullish. Following pivot points include: (S1) 113.39; (P) 113.91; (R1) 114.20.

Choppy breach of 114.49 key resistance will point that the corrective pattern from 118.65 has finished at 107.31. A test on 118.65 will be aligned. Firm breach of 111.64 will confirm ending of the recoil from 107.31 and draw a repeat test on the minimum.

A medium term growth from 98.97 continues. Overcoming of resistance 114.49 will prolong the lift to 61.8% projection of 98.97 to 118.65 from 107.31 at 119.47. 100% projection at 126.99 is about to be taken out, which will be the sign of long term uptrend progression.