USD/JPY: Making New Lows
USD/JPY continues to decline, breaking the support at 98.27. Other supports are given by the low of the declining channel (around 97.34) and 96.87. An initial resistance lies at 98.35 (intraday high). Another resistance is at 99.41 (26/07/2013 high).
The medium-term technical configuration remains positive as long as the support at 93.79 holds. However, we would favour a trendless environment in the next few weeks with a slight bearish bias given the short-term overbought conditions. Key resistances are 101.53 and 103.74.