USD/JPY - Is Sky The Limit?
USD/JPY's buying pressures are still important. Hourly resistance now lies at 109.44 (intraday high) while hourly support lies at 107.77 (15/11/2016 low). Key support can be found at 100.09 (27/09/2016). Expected to see further upside moves.
We favor a long-term bearish bias. Support is now given at 96.57 (10/08/2013 low). A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems absolutely unlikely. Expected to decline further support at 93.79 (13/06/2013 low).