USD/JPY On The Upside
Pair’s trading is slightly on the upside. The recoil from 108.10 is progressing. Another increase should align the maximum of 111.39. Breach in that area will extend the lift from 104.62 and head towards the key resistance of 114.73. Following pivot points include: (S1) 110.39; (P) 110.67; (R1) 110.96.
Under 110.05, trading will turn up on the downside to 109.36 and corrective pattern from 111.39 will resume.
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.