USD/JPY has broken resistance given at 113.26 (27/09/2017 low) before bouncing lower. Strong support is located at a distance at 111.12 (20/09/2017 low). The pair is trading in a range above hourly support at 112.22 (29/09/2017 low). Downside risks are nonetheless rising as markets may soon take some short-term profit.
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).