Extension of USD/JPY's Recoil
Breach of 110.26 minor resistance confirms extension of recoil from 108.10. Pair’s trading is now on the upside to 111.39 resistance. Following pivot points include: (S1) 109.52; (P) 109.82; (R1) 110.33.
Sustained breach in that area will prolong the intact recoil from 104.62. Breach of 109.18 will resume the consolidation from 111.39 with further fall for 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.