USD/JPY’s Short Term Minimum
Pair’s trading character is neutral towards consolidation over a short term minimum of 111.06. If 112.71 resistance is present, short term prognosis stays bearish and larger drop prevails. Following pivot points include: (S1) 111.23; (P) 111.42; (R1) 111.68.
Under 111.06, USD/JPY will align 61.8% retracement of 107.31 to 114.73 at 110.14. Medium term corrective pattern from 118.65 should have ended at 107.31. After a bottom is formed under 110.14, there would be further surge.
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.