USD/JPY - Challenging its Declining Channel
USD/JPY has broken the key resistance at 118.87 and is now challenging the resistance implied by its declining channel (around 119.22). A break to the upside would suggest abating medium-term selling pressures. Hourly supports can be found at 118.49 (29/01/2015 high) and 118.00 (04/02/2015 low).
A long-term bullish bias is favoured as long as the key support 110.09 (01/10/2014 high) holds. Even if a medium-term consolidation is likely underway, there is no sign to suggest the end of the long-term bullish trend. A major resistance stands at 124.14 (22/06/2007 high). A key support can be found at 115.46 (17/11/2014 low).
We are raising our stop-loss at 117.86.