USD/JPY has failed to hold above former resistance given at 113.26 (27/09/2017 low). Support is located at 111.99 (16/10/2017 low). Downside risks are 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).