Growth Resumption In USD/JPY
Trading is on the upside for key resistance 114.73, as growth resumed and reached 114.54. The forecast will remain bullish in case of retreat. Pivot points are at: (S1) 113.85; (P) 114.21; (R1) 114.91.
Hitting of support 113.51 will indicate a short term topping. Overcoming of key resistance 114.73 will confirm larger bullish forecast and the pair aline resistance 118.65.
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.