USD/JPY is bouncing up after its recent fall at 110.30 (17/01/2018). A break of the hourly resistance at 110.85 is now confirmed and may potentially suggest a trend change. However strong resistance remains at 113.75 (12/12/2017 high). The technical structure suggests further short-term upside moves.
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).
