USD/JPY’s Recoil

Pair’s intact recoil from 107.32 must have completed at 114.73. Trading stays on the downside towards 61.8% retracement of 107.31 to 114.73 at 101.14. Medium term corrective pattern from 118.65 should have ended at 107.31. Following pivot points include: (S1) 111.06; (P) 111.21; (R1) 111.37.

After a bottom is formed under 101.14, there would be further surge. Breach of 112.71 resistance will confirm conclusion of the drop 114.73 and trading will turn up on the upside.

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.