USD/JPY’s Short Term Minimum
Pair’s trading tone is neutral towards consolidation over the short term minimum of 108.27. Bigger fall is possible if 110.18 resistance is present. Following pivot points include: (S1) 108.57; (P) 108.88; (R1) 109.27.
After a break of 108.27 level, the decline will surpass 107.31 support to reach 106.48 fibonacci support. Breach of 110.18 will suggest short term reversal and trading will turn up on the upside towards 111.47 resistance.
The corrective pattern from 118.65 has ended at 107.31. USD/JPY might decline to 61.8% retracement of 98.97 to 118.65 at 106.48, which will restrain downside and cause restoration of increase from 98.97. Firm breach of 106.48 will push the pair through 98.97 and thus the corrective drop from 125.85 will extend.