The pair increased to 111.43. Upside is bounded under the minor resistance of 111.53. Trading remains neutral to consolidation over the short term minimum of 110.58. Larger decline is projected as long as the whole 111.53 level holds. Following pivot points include: (S1) 110.92; (P) 111.04; (R1) 111.20.
Under 110.58, the corrective drop from 113.17 will be progressing. Sustained support from 38.2% retracement of 104.62 to 113.17 at 109.90 should draw 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.