USD/JPY's Intact Rally Restoration
The pair reached 112.37 level. Firm breach of 111.39 resistance indicates an intact rally restoration from the minimum of 104.62. Medium term reversal is plausible. Trading should turn up on the upside to 61.8% projection of 104.62 to 111.39 from 109.36 at 113.54. Following pivot points include: (S1) 111.12; (P) 111.64; (R1) 112.53.
Breach should align the key resistance of 114.73, suggesting bullishness. Break of 111.34 minor support will make trading neutral and cause consolidation. While 110.34 support is present, the forecast will stay bullish.
The corrective fall from 118.65 should have finished at 104.62. Over 111.39, USD/JPY will head towards 114.73. Strong breach of 114.73 will push the pair through 118.65 for the key resistance of 125.85.