USD/JPY is rising following weakness and trades above 109.50. Hourly resistance at 109.77 (26/01/2018) is reached. The technical structure suggests further short-term upside move.
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).