Selling pressure builds.
(By Yann Quelenn)
• USD/JPY has broken short-term uptrend
channel. Hourly support is now given at 111.89
(20/11/2017 low). Stronger support is located at
a distance at 111.12 (20/09/2017 low). Expected
to show further decline.
• 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).