Extension of USD/JPY’s Recoil
Pair's recoil from 110.83 is extending, holding under 112.71 resistance. Trading remains neutral. Drop from 114.73 should extend towards 61.8% retracement of 107.31 to 114.73 at 110.14 if the 112.61 resistance stands. Following pivot points include: (S1) 111.47; (P) 111.80; (R1) 112.27.
Medium term corrective pattern from 118.65 should have concluded at 107.31. After a bottom is formed under 110.14, there would be further surge. Breach of 112.71 will indicate ending of the decline 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.