Moving higher.
• USD/JPY has drifted higher. Hourly resistance
at 109.10 (18/04/2017 high) has been broken.
Other resistance can be found at 110.11, while a
key resistance stands at 112.20 (31/03/2017 high).
Next support can be located at 108.22
(17/04/2017 low). Other key supports lie at a
distant 106.04 (11/11/2016 low).
• 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 Peter Rosenstreich )
