USD/JPY is improving after its successful test of the support at 118.18. A break of the hourly resistance area between 119.42 (17/02/2015 high) and 119.60 (61.8% retracement) would open the way for a new move towards the key resistance at 120.83. An hourly support can be found at 118.74 (23/02/2015 low).
A long-term bullish bias is favoured as long as the key support 110.09 (01/10/2014 high) holds. Even if a medium-term consolidation is likely underway, there is no sign to suggest the end of the long-term bullish trend. A gradual rise towards the major resistance at 124.14 (22/06/2007 high) is favoured. A key support can be found at 115.57 (16/12/2014 low).