• USD/JPY has broken to the downside out of
the horizontal support at 110.11 confirming a
bearish bias. Next support can be located at
108.22 (intraday low). Other key supports lie at a
distant 106.04 (11/11/2016 low). Resistance can
be found at 110.11, while a key resistance stands
at 112.20 (31/03/2017 high).
• 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
(By Peter Rosenstreich )