Temporary Top In USD/JPY
Trading is neutral for consolidation, as a temporary top was formed at 113.13. The pair lost upside momentum ahead of key near term resistance 113.17. Pivot points are at: (S1) 112.54; (P) 112.83; (R1) 113.04.
Hitting resistance 113.17 will point out resumption of larger rally from 104.62 to resistance 114.73. Break of 111.82 will point out widening of the consolidation from 113.17 with another fall. Further growth is expected while resistance turned support 111.82 keeps.
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.