USD/JPY Weakening

USD/JPY weakens back after reaching 106.46 and currently trading at the 105.75 range. Hourly resistance at 107.27 (25/02/2018 high) is distanced while hourly support at 104.97 (11/10/2016 high) approaches. The bearish pattern started in January 2018 is maintained. Hourly support is given at 106.35 (16/02/2018 high). The short-term technical structure suggests further short-term decrease.

We favor a long-term bearish bias. Support remains at 101.20 (09/11/2016 low). 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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