USD/JPY is having a slight recovery but is still maintained at 110.80 and has a long way to go before reaching the 111.50 (17/01/2018) resistance point. Hourly support is now at 110.33 (15/01/2018 low). The technical structure suggests further short-term downside 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).