USD/JPY’s Further Decline

Pair’s trading is still neutral. The consolidation from 114.44 is expanding. Further decline is expected. If 111.64 support is present, short term prognosis remains bullish. Following pivot points include: (S1) 113.75; (P) 114.01; (R1) 114.43.

Sustained breach of 114.49 key resistance will indicate that correction pattern from 118.65 has finished at 107.31. USD/JPY will align a test on 118.65. Firm 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.