Fall In USD/JPY Extends
Trading is on the downside, as fall from 114.54 extends and reaches low 111.96. Current downside acceleration argues that the pair is correcting whole uptrend from 104.62, after rejection by resistance 114.73. Pivot points are at: (S1) 111.92; (P) 112.60; (R1) 112.95.
There is no sign of bottoming yet, but further fall could be seen to 38.2% retracement of 104.62 to 114.54 at 110.75. Overcoming of minor resistance 113.28 will point out completion of the fall. The pair’s near term forecast will remain mildly bearish even in case of recovery.
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.