Downside Of USD/JPY Should Be Contained
Stance of trading is neutral, with a temporary low at 112.30. Trading below 112.30 will renew the fall from 114.20 to support 111.37. Pivot points are at: (S1) 112.82; (P) 113.01; (R1) 113.14.
While deeper fall is expected while minor resistance 113.09 keeps, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. Break of 113.21will indicate completion of the fall from 114.20. In that case, trading will back to the upside for key resistance zone 114.54/73.
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.