Progression of USD/JPY’s Recoil
Pair's recoil from 112.02 is progressing. Breach of 112.87 minor resistance indicates that the retreat from 113.74 has finished. Trading is on the upside towards 113.74. Following pivot points include: (S1) 112.56; (P) 112.82; (R1) 113.13.
Breach will prolong the lift from 110.83 towards the repeat test of 114.73 key resistance. While 112.02 support stands, short term prognosis remains bullish.
The correction from 118.65 has ended at 107.31. A medium term growth from 98.97 continues. Firm breach of 114.73 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.