USD/JPY’s Downside Trading
If the entire 111.68 minor resistance holds, pair’s trading stays on the downside. Actual decline from 114.73 should align 61.8% retracement of 107.31 to 114.73 at 110.14. Following pivot points include: (S1) 110.73; (P) 111.20; (R1) 111.57.
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 increase. Over 116.68 minor resistance trading will turn up in the neutral position.
A medium term growth from 98.97 continues. Overcoming of resistance 114.49 will head towards a test on the 118.65 maximum. Breach of 107.31 will prolong the medium term drop towards the minimum of 98.97.