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USD/JPY Ready To Bounce Back

USD/JPY is riding uptrend channel below former resistance at 114.49 (11/07/2017 high). Hourly support is given at 113.09 (09/10/2017 low). Strong support is located at a distance at 111.12 (20/09/2017 low).

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).

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