USD/JPY - Directionless
USD/JPY is trading mixed without momentum. Strong resistance is given at 114.91 (16/02/2016 high). Hourly support lies at 112.75 (08/03/2016 low). Next support lies at 110.99 (11/02/2016 low). Expected to show continued consolidation.
We favour a long-term bearish bias. Support at 105.23 (15/10/2014 low) is on target. A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems now less likely. Another key support can be found at 105.23 (15/10/2014 low).