USD/JPY remain weak. Although the support at 1108.33 is intact thus far, we suspect a limited upside potential in the short-term. Hourly resistances can be found at 109.73 (08/02/2018). The technical structure suggests further shortterm 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).