USD/JPY: Fall Is In Progress
Trading is on the downside, as the fall from 114.54 continues for 38.2% retracement of 104.62 to 114.54 at 110.75. The fall from 114.54 is viewed as part of a medium term correction. Pivot points are at: (S1) 111.36; (P) 111.91; (R1) 112.43.
Bottoming signal is possible above key support 109.76. Overcoming of resistance 112.88 will indicate completion of the drop. In that case, trading will back to the upside.
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.