USD/JPY: Consolidation Is In Store
Trading is on the upside, as increase from 104.62 continues. Following pivot points include: (S1) 109.43; (P) 109.65; (R1) 110.09.
Running increase should aline 61.8% retracement of 114.73 to 104.62 at 110.86. Trading below 108.96 will become neutral. Consolidation is awaited.
A corrective drop from 118.65 has completed with three waves down to 104.62. So that, growth from 98.97 could be resuming. Focus is on resistance 114.73. Overcoming of 114.73 will aline 118.65 and above. This will now be the preferred case while the pair stays above 55 day EMA (now at 107.78).