Another Rally in USD/JPY

Pair’s trading is still neutral. Short term prognosis remains bullish and another rally is possible if the entire 112.95 support is present. Stable trading over 114.49 will align a repeat test of 118.65 maximum. Following pivot points include: (S1) 113.51; (P) 113.75; (R1) 114.12.

Breach of 112.95 support will confirm 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.