USD/JPY Pulled Back
As the pair has pulled back, trading condition became neutral. Another surge should align the minor support of 106.64. 38.2% retracement of 114.73 to 104.62 at 108.48 9 near 108.12 will assess the medium term forecast. Following pivot points include: (S1) 107.10; (P) 107.43; (R1) 107.67.
Breach of 106.64 minor support will confirm ending of recoil and trading will turn up on the downside to repeat test of 104.62.
Medium term downtrend from the 118.65 maximum keeps expanding with the intact support turned resistance of 108.12. Strong breach in that area will suggest conclusion of decline from 118.65. Another increase should head towards 114.73 resistance. In that case, the drop from 118.65 will be finished.