Consolidating.
• USD/JPY is trading sideways after short-term
surge. Hourly support can be found at 108.89
(14/06/2017 high). Strong support is located at
108.13 (17/04/2017 low). Hourly resistance given
at 110.81 (09/06/2017 high) has been broken.
Other key supports lie at a distance 106.04
(11/11/2016 low). Expected to show continued
increase towards resistance given at 112.13
(24/05/2017 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
(13/06/2013 low).
(By Yann Quelenn)
