USD/JPY bullish momentum stops, decreasing from 107.40 high and heading along the 106.95 range. The bearish pattern started in January 2018 is maintained. Hourly support and resistance are given at 104.30 (08/11/2016 low) and 107.90 (14/02/2018 high). The short-term technical structure suggests short-term downward moves.
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.
