USD/JPY's Upside Impulse
The pair lacks upside impulse as it met 110.26 level. Recoil from 108.10 should extend while the whole minor support of 109.46 is present. Another rally should align a repeat test of 111.39 resistance. Following pivot points include: (S1) 109.88; (P) 110.08; (R1) 110.38.
Breach will prolong the recoil from 104.62 and align a test of 114.73 key resistance. Under the minor support of 109.36, bullishness will be canceled and trading will turn up on the downside to 108.10 support.
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.