USD/JPY’s Short Term Minimum
The pair has created a short term minimum of 112.05, while moving towards 112.02 support and then recommenced. USD/JPY is sticking inside of 112.02/113.74 diapason. Trading is neutral. If 112.02 support is present, short term prognosis stays bullish and another surge is awaited. Following pivot points include: (S1) 112.25; (P) 112.42; (R1) 112.68.
Breach of 113.74 will prolong the recoil from 110.83 and align the key resistance of 114.73. Strong breach in that area will suggest bullish sentiment. Breach of 112.02 will prolong the corrective pattern from 114.73 through 110.83 support.
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.