USD/JPY bounce from 106.90 low continues, approaching hourly resistance at 107.90 (14/02/2018 high). The bearish pattern started in January 2018 is weakening. Hourly support at 104.30 (08/11/2016 low) is distanced. The shortterm technical structure suggests continued short-term upward 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 below its 200 DMA.
