USD/JPY - Bearish Breakout of The Key Support at 119.30
USD/JPY has broken the key support at 119.30 (see also the rising trendline). A support now stands at 118.18 (61.8% retracement). Hourly resistances can be found at 119.22 (24/03/2015 low) and 119.98. Another support lies at 116.66 (02/02/2015 low).
A long-term bullish bias is favoured as long as the key support at 115.57 (16/12/2014 low) holds. A gradual rise towards the major resistance at 124.14 (22/06/2007 high) is favoured. A key resistance stands at 121.85 (see also the longterm declining channel).