Growth Resumption In USD/JPY
Trading is on the upside for resistance 113.17, as growth has resumed after short recovery. Pivot points are at: (S1) 112.54; (P) 112.68; (R1) 112.96.
Hitting resistance 113.17 will point out resumption of larger rally from 104.62 to resistance 114.73. The pair’s forecast will remain bullish while resistance turned support 111.82 keeps. Trading below minor support 112.39 will become neutral.
Overcoming of resistance 114.73 will renew growth from 98.97 to 100% projection of 98.97 to 118.65 from 104.62 at 124.30, which is close to 125.85. A corrective drop from 118.65 should have completed with three waves down to 104.62, but deeper fall is possible to 61.8% retracement of 104.62 to 113.17 at 107.88 and below.