Near Term Bottom in USD/JPY
Pair’s trading is still on the downside. Actual drop should hit the fibonacci level of 106.48. Firm support from that place should draw recoil. Following pivot points include: (S1) 107.22; (P) 107.99; (R1) 108.59.
Breach of 108.80 minor resistance will suggest a near term bottom formation. 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. Firm breach of 106.48 will push the pair through 98.97 and thus the corrective drop from 125.85 will extend.