USD/JPY has breached the key uptrend support at 110.15 suggesting further downside. Strong support and resistance are located at 108.74 (25/01/2018 low) and 111.48 (18/01/2018 high). The technical structure suggests shortterm sideways trading moves.
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 slightly above its 200 DMA.
