Bounce Of USD/JPY Extends
Trading is on the upside for key resistance 114.73, as the growth from 104.62 extends. Rally of the pair reaches maximum 113.96. Pivot points are at: (S1) 113.43; (P) 113.57; (R1) 113.83.
Trading below minor support 113.31 will become neutral for consolidation. 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.