USD/JPY is rising following weakness and trades above 109.50. The current bullish momentum makes hourly resistance at 109.77 (26/01/2018 high) reachable. The technical structure suggests however 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).