Growth Of USD/JPY Goes On
Trading is on the upside, as growth from 104.62 continues. Running increase should aline 61.8% projection of 104.62 to 111.39 from 109.36 at 113.54. Pivot points are at: (S1) 112.09; (P) 112.36; (R1) 112.80.
Trading below minor support 112.16 will become neutral and bring retreat. Overcoming of 61.8% projection of 104.62 to 111.39 from 109.36 at 113.54 will put focus on key resistance 114.73. A medium term trend reversal is expected. Downside should be contained above resistance turned support 111.13.
A corrective fall from 118.65 has completed with three waves down to 104.62, considering overcoming of resistance 111.39. Break of 114.73 will send the pair through 118.65 towards key resistance 125.85.