Short-squeeze.
• USD/JPY has exited the symmetrical triangle
and keeps pushing lower despite ongoing
bullish consolidation. Hourly support is given at
110.24 (18/05/2017 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).The road is now 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)
