Consolidation In USD/JPY
Trading tone is still neutral, as the pair is staying in consolidation above temporary low 112.23. Price moves from 114.54 are seen as a consolidation. Trading above 113.24 will back to the upside for 114.03. Pivot points are at: (S1) 112.53; (P) 112.73; (R1) 112.91.
As deeper fall is not excluded, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring a rebound. Trading below 112.57 will aline 112.30. Hitting of 112.23 will aline 111.37 and possibly below. The growth from 104.62 is expected to renew later.
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.