USD/JPY’s selling demand is pushing lower and the pair has broken hourly support given at 111.99 (15/12/2017 low). Hourly resistance can be found at 113.75 (12/12/2017 high). The technical structure suggests further short-term downside moves.
We favor a long-term bearish bias. Support is now given at 99.02 (10/08/2013 low). A gradual rise towards the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 93.79 (13/06/2013 low).
