Deeper Rally In USD/JPY
Pair’s recoil from 110.58 is extending. Trading is still on the upside to repeat test of 113.17 resistance. Breach in that area will prolong deeper rally from 104.62 to the key resistance of 114.73. Following pivot points include: (S1) 111.11; (P) 111.53; (R1) 112.30.
Under the minor support of 111.24, the corrective decline from 113.17 will resume with further fall. 38.2% retracement of 104.62 to 113.17 at 109.90 should restrain downside and draw recoil.
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.