USD/JPY is decreasing after breaking hourly resistance at 110.26 (05/02/2018), heading along the 110.20 range. The bullish pattern started from 104.56 (25/03/2018 low) continues. Hourly support and resistance are located at 108.74 (25/01/2018 low) and 111.50 (18/01/2018 high). The 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 at its 200 DMA range.