USD/JPY: Bounce Is In Progress
Trading is on the upside for key resistance zone 114.54/73, as the rebound from 111.37 extends. Pivot points are at: (S1) 113.19; (P) 113.36; (R1) 113.62.
The correction from 114.54 could have started the third leg for support 111.37 and possibly below. Overcoming of minor support 112.56 will indicate completion of the recoil.
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.