USD/JPY Recommencing

The pair is recommencing after decline to 112.95. It’s holding under key resistance of 114.49. Trading stays neutral. If 111.64 support is present, short term prognosis remains bullish. Strong breach of 114.49 key resistance will indicate that correction pattern from 118.65 has ended at 107.31. Following pivot points include: (S1) 113.14; (P) 113.44; (R1) 113.92.

USD/JPY will align a test on 118.65. Choppy breach of 111.64 will confirm conclusion of the recoil from 107.31 and cause 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.