• USD/JPY's buying demand is increasing and
the pair is approaching hourly resistance given at
113.75 (12/12/2017 high) while hourly support is
given at 111.99 (15/12/2017 low). The technical
structure suggests continued increase.
• 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).