Consolidation In USD/JPY Should Extend
Trading is on the upside for resistance 114.03, as break of minor resistance 113.24 indicates that corrective fall from 114.20 has completed with three waves down to 112.23. Pivot points are at: (S1) 113.08; (P) 113.28; (R1) 113.58.
Hitting of resistance 114.03 should renew the bounce from 111.37 to key resistance 114.54. 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. Hitting of 112.23 will extend the consolidation from 114.54 with deeper fall. 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.