USD/JPY is trading sideways at 109.40, heading along the 109.50 range. The bullish pattern started from 104.56 (25/03/2018 low) continues. Hourly support and resistance are given at 105.99 (04/04/2018 high) and 110.26 (05/02/2018 low). The short-term technical structure suggests further 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.
