USD/JPY is still lying into a bullish momentum despite ongoing consolidation. Strong support is located at 111.12 (20/09/2017 low). The pair has exited uptrend channel. Yet, downside risks are rising as markets may soon take some shortterm 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).
