USD/JPY bounce from 106.90 low continues, the pair trades above 109 and is heading along the 109.10 range. The bearish pattern started in January 2018 is weakening. Hourly support and resistance are given at 106.65 (22/02/2018 low) and 110.26 (05/02/2018 high). The short-term technical structure suggests continued shortterm 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
