Consolidative Price Moves In USD/JPY
Trading is neutral, but hitting of 113.70 will aline resistance 114.20. The pair is still limited in a range of 112.23/113.70. Price moves from 114.54 are seen as a consolidation. Overcoming of support 112.23 will widen the correction from 114.54 with another fall. Pivot points are at: (S1) 112.50; (P) 113.01; (R1) 113.35.
Hitting of resistance 114.20 should renew the bounce from 111.37 to key resistance 114.73. 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. 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.