USD/JPY’s Strong Decline
The pair has strongly declined after reaching 113.38 level. It’s now holding inside of 112.02/113.74 diapason. Trading stays neutral. If 112.02 support is present, short term prognosis stays bullish and another increase is possible. Following pivot points include: (S1) 112.85; (P) 113.11; (R1) 113.35.
Breach of 113.74 will prolong the recoil from 110.83 and align the key resistance of 114.73. Choppy breach will suggest bullish mood. 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.