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USD/JPY Decline Resumes

USD/JPY is weakening further. Hourly support at 107.63 (08/09/2017 low) is now broken, suggesting the pair could even reach resistance at 107.32 (08/09/2017 low). Hourly resistances can be found at 111.50 (18/01/2018) and 113.75 (12/12/2017 high). The technical structure suggests further short-term downside moves.

We favor a long-term bearish bias. Support given at 107.32 (08/09/2017 low) is nearing. A gradual rise towards the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 101.20 (09/11/2016 low).

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