Progression of USD/JPY’s Recoil

Pair's recoil from 110.83 is progressing. The retreat from 114.73 has probably finished. Trading is on the upside towards a repeat test of 114.73 key resistance. Following pivot points include: (S1) 111.40; (P) 112.14; (R1) 112.89.

Firm breach should prolong the rally from 107.31 for repeat test of 118.65 maximum. If further decline occurs, bottom will be formed under 61.8% retracement of 107.31 to 114.73 at 110.14.

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.