USD/JPY has broken the support at 109.13, suggesting a short-term weakening buying interest. Given the major resistance at 110.66 (15/08/2008 high), a short-term consolidation phase is likely. Key supports can be found at 108.26 and 106.81.
A long-term bullish bias is favoured as long as the key support 100.76 (04/02/2014 low) holds. The recent new highs confirm a strong underlying bullish trend. A break of the major resistance at 110.66 (15/08/2008 high, see also the 50% retracement from the 1998's top) is eventually favoured. Another resistance can be found at 114.66 (27/12/2007 high).
Daily Technical Report
