USD/JPY is trading below 109. A bearish breakout is achievable. Hourly resistance is at 109.77 (26/01/2018 high). The technical structure suggests further short-term downside moves.
We favor a long-term bearish bias. Support is now given at 107.32 (08/09/2017 low). A gradual rise towards the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 101.20 (09/11/2016 low).