Rejection in USD/JPY

Pair’s trading tone is neutral. Short term prognosis is bullish and another lift is awaited if 112.95 support stands. Following pivot points include: (S1) 113.28; (P) 113.45; (R1) 113.69.

Firm breach of 114.49 key resistance will head towards a repeat test of 118.65 maximum. Breach of 112.95 support will suggest 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.