USD/JPY's Bearish Short Term Forecast
Pair’s consolidation over the short term minimum of 108.10 favors. Trading is still neutral. Short term forecast stays slightly bearish while the minor resistance of 109.82 is present. Following pivot points include: (S1) 108.46; (P) 108.74; (R1) 109.09.
Under 108.10, USD/JPY will align 61.8% retracement of 104.62 to 111.39 at 107.20. 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.
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.