USD/JPY Daily Outlook
Pair’s rally keeps extending. Trading stays on the upside. USD/JPY has recently hit 61.8% retracement of 114.73 to 104.62 at 110.86. Following pivot points include: (S1) 110.27; (P) 110.57; (R1) 110.06.
A trend line resistance of 112.43 is expected to be aligned. Under the minor support of 110.45, trading will turn up in the neutral position. While 109.13 support is present, the prognosis will remain 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.