Consolidation phase.
• USD/JPY is pushing higher since the pair broke
resistance given at 112.20 (31/03/2017 high).
Hourly support can be found at 113.86
(11/05/2017 low). Stronger support is located at
108.13 (17/04/2017 low). Other key supports lie
at a distant 106.04 (11/11/2016 low). Expected to
show continued bullish pressures after this
consolidation phase.
• 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)
