USD/JPY - Failing to Hold Above The Resistance at 120.37
EUR/USD has improved. However, the key resistance area between 1.1043 and 1.1114 remains intact. Hourly supports now lie at 1.0864 (03/04/2015 low) and 1.0713.
USD/JPY has potentially posted a higher low at 118.72 compared to its 26 March low and has broken the resistance implied by its declining trendline. However, the failure to hold above the resistance at 120.37 indicates persistent selling pressures. Hourly supports can be found at 119.44 (07/04/2015 low) and 118.72.
A long-term bullish bias is favoured as long as the strong 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 support can be found at 118.18 (16/02/2015 low), whereas a key resistance stands at 121.85 (see also the long-term declining channel).