USD/JPY's Key Resistance About To Be Tested
Break of 109.82 minor resistance confirms that the retreat from 111.39 has ended at 108.10, while moving towards 50% retracement of 104.62 to 111.39. The recoil from 104.62 is extending. Trading is on the upside to 111.39. Following pivot points include: (S1) 109.50; (P) 109.69; (R1) 110.02.
Breach will align test of 114.73 key resistance. Under the minor support of 109.36, bullishness will be canceled and trading will become neutral.
The corrective fall from 118.65 should have finished at 104.62. USD/JPY is restricted inside of medium term falling channel from 118.65. Firm breach of 61.8% retracement of 104.62 to 111.39 at 107.20 will extend the decrease from 118.65 through the minimum of 104.62.