USD/JPY’s Another Rally

Pair’s trading remains on the upside. Breach of 113.74 will extend the increase from 110.83 and head towards 114.73 key resistance. Following pivot points include: (S1) 112.99; (P) 113.22; (R1) 113.62.

Under 112.83 minor support trading will turn up in the neutral position. Another rally is awaited if 112.02 support is present.

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.