USD/JPY’s bearish momentum continues. Yet, the pair is monitoring resistance implied by the upper bound of the downtrend channel. Hourly support is given at 109.85 (04/08/2017 low). Stronger support is located at a distance at 108.83 (17/04/2017 low). Expected to show further downside pressures.
We favor a long-term bearish bias. Support is now given at 96.57 (10/08/2013 low). A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems absolutely unlikely. Expected to decline further support at 93.79 (13/06/2013 low).
