USD/JPY On The Upside
Pair’s increase from 108.10 is resuming. Trading stays on the upside to 111.39. Breach in that zone will extend the intact recoil from 104.62. Following pivot points include: (S1) 110.06; (P) 110.28; (R1) 110.58.
Breach of 109.18 will prolong the consolidation from 111.39 with further drop 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.