Bearish pressures arise,
• USD/JPY's short-term bearish pressures are
back. The pair is bouncing lower. Hourly support
can be found at 109.12 (07/06/2017 high). Strong
support is located at 108.13 (17/04/2017 low).
Hourly resistance is given at 112.13 (24/05/2017
high). Other key supports lie at a distance
106.04 (11/11/2016 low). Wide-open for further
decline.
• We favor a long-term bearish bias. Support is
now given at 96.57 (10/08/2013 low). A gradual
rise towards the major resistance at 135.15
(01/02/2002 high) seems absolutely unlikely.
Expected to decline further support at 93.79
(13/06/2013 low).
(By Yann Quelenn)
