Type:

Bullish Breakout

Resistance: 114.559

Support: 112.257

Pivot: 113.74

Preference:

USDJPY is on a bullish momentum. Prices have the potential to experience a short pullback from the Pivot towards our area of 1st support at 112.257 in line with 50% and 38.2% Fibonacci retracement.

Alternative Scenario:

Alternatively, prices may climb higher towards our 1st resistance at 114.559 which is a daily swing high resistance and in line with 200% Fibonacci Retracement.