USD/JPY’s Short Term Minimum

Pair’s trading tone is neutral towards consolidation over the short term minimum of 110.83. Decline from 114.73 should extend if the 112.71 resistance stands. Under 110.83, USDJPY will align 61.8% retracement of 107.31 to 114.73 at 110.14. Following pivot points include: (S1) 111.05; (P) 111.34; (R1) 111.76.

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. Breach of 112.71 will point out conclusion of the drop from 114.73 and trading will turn up on the upside.

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.