USD/JPY - Challenging The Support at 108.01
USD/JPY has weakened near the major resistance at 110.66 (15/08/2008 high). The key support at 108.01 (see also the low of the declining channel) is challenged. Another key support stands at 106.81. An hourly resistance lies at 109.23 (07/10/2014 high).
A long-term bullish bias is favoured as long as the key support 100.76 (04/02/2014 low) holds. The recent new highs confirm a strong underlying bullish trend. Despite the recent pause near the major resistance at 110.66 (15/08/2008 high, see also the 50% retracement from the 1998's top), a move higher is eventually favoured. Another resistance can be found at 114.66 (27/12/2007 high).