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USD/JPY- Unimpressive Bounce Thus Far
USD/JPY has strengthened but bearish pressures remain. Last week, the hourly support at 101.72 was broken. Another minor support lies at 101.32, while a key support stands at 101.07. Hourly support can be found at 102.00 (07/08/2014 low) and resistance is located 102.46 (07/08/2014 high).
A long-term bullish bias is favoured as long as the key support 99.57 (19/11/2013 low) holds. However, a break to the upside out of the current consolidation phase between 100.76 (04/02/2014 low) and 103.02 is needed to resume the underlying bullish trend. Another resistance can be found at 104.13 (04/04/2014 high), while a major resistance stands at 110.66 (15/08/2008 high).