USD/JPY’s Possible Recommencement
Pair’s trading is still on the downside. Actual decline from 114.73 contains the pattern from the maximum of 118.65. The fall should align 106.48 fibonacci level. Following pivot points include: (S1) 108.43; (P) 108.65; (R1) 108.88.
Breach of 110.47 resistance should draw short term reversal. If USD/JPY recommences, the forecast remains bearish.
The corrective pattern from 118.65 is progressing. 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.