Ready for another leg lower.
(By Yann Quelenn )
• USD/JPY is ready to push lower. Hourly
resistance is given at 113.75 (12/12/2017 high)
while hourly support is given at 112.03
(15/12/2017 low). The technical structure
suggests further weakness.
• 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).