USD/JPY continues to rise after its bullish reversal pattern from 108.39 (31/05/2018 low). Strong support and resistance are located at 108.05 (09/02/2018 low) and 111.48 (18/01/2018 high). The technical structure suggests short-term increase.
We favor a long-term bearish bias. A gradual rise towards major resistance at 125.86 (05/06/2015 high) seems unlikely. The pair is expected to decline further along long-term support at 101.20 (09/11/2016 low). The pair trades at its 200 DMA.
