USD/JPY bullish momentum continues, trading at 107.10 and approaching the 107.15 range. Hourly support and resistance are given at 104.30 (08/11/2016 low) and 107.90 (14/02/2018 high). The bearish pattern started in January 2018 is maintained. The short-term technical structure suggests further short-term increase.
We favor a long-term bearish bias. Support remains at 101.20 (09/11/2016 low). A gradual rise toward the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 101.20 (09/11/2016 low). The pair trades largely below its 200 DMA.
