Repeat Test of USD/JPY’s Resistance
Pair’s recoil from 110.83 has resumed, aligning 112.71 resistance. Firm breach in that area will argue ending of retreat from 114.73. If that happens, trading will turn up on the upside towards a repeat test of 114.73 resistance. Following pivot points include: (S1) 111.96; (P) 112.30; (R1) 112.86.
Under 111.66 minor support, trading will turn up on the downside and the decline from 112.71 will surpass 110.83. Sustained support under 61.8% retracement of 107.31 to 114.73 at 110.14 might cause recoil.
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.