Preparing to challange support.
(By Peter Rosenstreich)
• USD/JPY further declined today confirming
increasing selling pressures. The pair has failed
to test resistance at 111.05 (04/08/2017 high).
Support is located at 108.13 (14/06/2017 low).
Expected to show further downside pressures.
• We favor a long-term bearish bias. Support is
now given at 99.02 (10/08/2013 low). A gradual
rise towards the major resistance at 125.86
(05/06/2015 high) seems unlikely. Expected to
decline further support at 93.79 (13/06/2013 low).