USD/JPY’s Pull Back
The pair has formed a near term top at 113.08 after the pull back. Trading became neutral. Over 113.08 the recoil from 110.83 will prolong towards repeat test of 114.73 key resistance. Following pivot points include: (S1) 112.14; (P) 112.61; (R1) 112.86.
Sustained breach should expand the rally from 107.31 for repeat test of 118.65 maximum. Breach of 110.83 will enlarge the drop from 114.73. Bottom should 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.