Medium Term Trend Line Resistance in USD/JPY
Pair’s trading stays on the upside. Actual increase from 104.62 is extending towards 61.8% retracement of 114.73 to 104.62 at 110.86. Sustained breach in that zone will align 112.43 medium term trend line resistance. Following pivot points include: (S1) 109.84; (P) 110.15; (R1) 110.66.
Under 109.14 support, a near term top will be created. If USD/JPY pulls back, the forecast will stay bullish.
Corrective drop from 118.65 has completed at 104.62. Growth from 98.97 could be extending the uptrend from 98.97. Sustained breach of 114.73 resistance will head towards 118.65 and higher.