Riding downtrend channel.
• USD/JPY's bearish momentum continues. Yet,
the pair is monitoring resistance implied by the
upper bound of the downtrend channel. Hourly
support is given at 109.85 (04/08/2017 low).
Stronger support is located at a distance at
108.83 (17/04/2017 low). Expected to show
further downside pressures.
• 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