USD/JPY’s buying demand is increasing and the pair is approaching hourly resistance is given at 113.75 (12/12/2017 high) while hourly support is given at 112.03 (15/12/2017 low). The technical structure suggests continued increase.
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).
