USD/JPY - Bearish Momentum is Increasing
USD/JPY is consolidating below the support at 122.46 (10/06/2015 low). Hourly resistance can be found at 124.62 (10/06/2015). We expect to gain momentum to reach back the resistance at 124.62. Key resistance still lies at 135.15 (14-year high).
A long-term bullish bias is favored as long as the strong support at 115.57 (16/12/2014 low) holds. A gradual rise towards the major resistance at 135.15 (01/02/2002 high) is favored. A key support can be found at 118.18 (16/02/2015 low).