Bullish Sentiment in USD/JPY
The pair has formed a short term top at 113.63. Trading is now neutral. If 112.02 support is present, short term prognosis stays bullish. Following pivot points include: (S1) 113.11; (P) 113.23; (R1) 113.35.
Breach of 113.74 will extend the recoil from 110.83 and align the key resistance of 114.73. Firm breach in that area will suggest bullish sentiment.
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.