USD/JPY's Short Term Minimum
Pair’s trading is neutral to consolidation over the short term minimum of 110.58. Correction from 113.17 should head downwards while the minor resistance of 111.53 is present. Following pivot points include: (S1) 110.79; (P) 111.02; (R1) 111.26.
Under 110.58, the trading will turn up on the downside. Firm support from 38.2% retracement of 104.62 to 113.17 at 109.90 will cause recoil. Breach of 111.53 will push trading to the upside to repeat test of 113.17 maximum.
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.