USD/JPY is pushing higher towards 112.00. Strong support is located at a distance at 107.32 (08/09/2017 high). Expected to show further bullish pressures. Yet, downside risks are now rising as markets may soon take some short-term profit.
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).