USD/JPY is recovering and heading above 106.50. Hourly resistances at 111.50 (18/01/2018) and 113.75 (12/12/2017 high) remain far. The technical structure suggests short-term upside moves.

We favor a long-term bearish bias. Support at 105.55 (03/05/2016 low) is almost reached. A gradual rise toward 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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