USD/JPY Remains Weak

USD/JPY demand running into solid selling pressure. The pair has failed to test resistance at 111.05 (04/08/2017 high). Support is located at 108.13 (14/06/2017 low). Expected to show further downside pressures.

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).

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