Bullishness in USD/JPY
Pair’s trading is slightly on the upside while the whole minor support of 109.36 is present. Another lift is anticipated. Recoil from 108.10 should align a test on 111.39 resistance. Breach will extend the recoil from 104.62 and head towards a test on 114.73 key resistance. Following pivot points include: (S1) 109.50; (P) 109.77; (R1) 110.07.
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.