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).
%20is%20now%20broken,%20suggesting%20the%20pair%20could%20even%20reach%20resistance%20at%20107.32%20(08/09/2017%20low).%20Hourly%20resistances%20can%20be%20found%20at%20111.50%20(18/01/2018)%20and%20113.75%20(12/12/2017%20high).%20The%20technical%20structure%20suggests%20further%20short-term%20downside%20moves.){kind=link}