USD/JPY bullish pattern pauses, currently trading along 109.80. The bearish pattern started in January 2018 is weakening. Hourly support and resistance are given at 110.26 (05/02/2018 low) and 105.99 (04/04/2018 high). The shortterm technical structure suggests short-term sideways trading 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.