USD/JPY is slightly weakening following recent bounce from 104.56 low, currently trading at the 105.50 range. The pair is expected to decline along 105.45. The bearish pattern started in January 2018 is maintained. The short-term technical structure suggests 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). The pair trades largely below its 200 DMA.