USD/JPY's Key Cluster Support
The breach of 108.82 key cluster support confirms ending of increase from 104.62 at 111.39. Trading is still on the downside to 61.8% retracement of 104.62 to 111.39 at 107.20. Breach will prolong deeper drop from 118.65 to the minimum under 104.62. Following pivot points include: (S1) 108.10; (P) 108.78; (R1) 109.46.
Breach of 109.82 should indicate ending of the decline from 111.39. The short term forecast is expected to remain bearish.
USD/JPY is restricted inside of medium term falling channel from 118.65. Actual larger decline from 111.39 confirms progression of the drop from 118.65. Breach of 104.62 minimum should align 98.97 and lower. Breach of 111.39 will argue ending of decrease from 118.65 and align 114.73.