Growth Resumption In USD/JPY
Trading is on the upside for key resistance 114.73, as the break of resistance 113.17 indicates resumption of the growth from 104.62. Growth of the pair reaches maximum 113.63. Pivot points are at: (S1) 112.82; (P) 113.15; (R1) 113.73.
Hitting of support 112.55 will point out a short term topping. Overcoming of key resistance 114.73 will confirm larger bullish forecast.
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.