USD/JPY is weakening further following recent rise at 106.64, approaching hourly support given at 104.30 (08/11/2016 low). The pair is expected to head along the 104.50 range. The bearish pattern started in January 2018 is maintained. The short-term technical structure suggests short-term decrease.
We favor a long-term bearish bias. Support remains at 101.20 (09/11/2016 low). A gradual rise toward the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 101.20 (09/11/2016 low). The pair trades largely below its 200 DMA.
