USD/JPY’s Recoil Is Over

Pair’s trading character is neutral. Breach of 113.32 will suggest short term bullish sentiment and trading will turn up on the upside towards 114.73. Following pivot points include: (S1) 112.17; (P) 112.43; (R1) 112.70.

Sustained breach of 111.64 support will confirm that the intact recoil from 107.31 has finished. If that happens, larger decline will head towards 61.8% retracement of 107.31 to 114.73 at 101.14 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.