USD/JPY’s Rally is Progressing

The pair has risen, breaking a key resistance of 114.49. The rally from 107.31 is progressing. Trading is on the upside. Stable trading over 114.49 will align a repeat test of 118.65 maximum. Following pivot points include: (S1) 113.60; (P) 114.01; (R1) 114.44.

Breach of 112.95 support will point out rejection from 114.49 and trading will turn up on the downside towards 111.64 support and lower.

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.