USD/JPY - Fading Below Resistance at 123.60
USD/JPY is strengthening and remains in an uptrend channel. Hourly resistance lies at 123.60 (09/11/2015 high). The short-term technical structure favours a further rise. Strong support lies at 120.80 (22/10/2015 low). Expected further test of the hourly resistance at 123.60.
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 116.18 (24/08/2015 low).