Correction Of USD/JPY Could Extend
Trading is on the downside, and the correction from a short term top 110.02 could widen to near term channel support (now at 108.61). Following pivot points include: (S1) 108.78; (P) 109.33; (R1) 109.74.
Overcoming of 110.02 will renew the growth from 104.62 to t 61.8% retracement of 114.73 to 104.62 at 110.86. Downside should be contained by strong support from 38.2% retracement of 104.62 to 110.02 at 107.95.
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 107.97).