USD/JPY's Trading Is Now Neutral
Pair’s trading became neutral. A short term minimum has been formed at 108.10. Larger fall is likely if the minor resistance of 109.82 stands. Under 108.10, USD/JPY will align 61.8% retracement of 104.62 to 111.39 at 107.20. Following pivot points include: (S1) 108.47; (P) 108.78; (R1) 109.20.
Breach should extend deeper reduction from 118.65 for a fresh minimum under 104.62. 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.