USD/JPY bullish pattern starts back, currently trading at 109.29 and heading along the 109.40 range. The bearish pattern started in January 2018 is weakening. Hourly support and resistance are given at 107.27 (25/02/2018 low) and 110.26 (05/02/2018 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 below its 200 DMA.
