Monitoring resistance area.
(By Yann Quelenn )
• USD/JPY is now monitoring resistance area
around 111. Strong support is located at 107.32
(08/09/2017 high). Expected to show further
downside pressures if the pair fails to break
resistance at 111.05 (04/08/2017 high).
• 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).