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USD/JPY - Pushing Sharply Higher

USD/JPY is increasing but remains in a declining trend. Hourly support is now given at 120.41 (08/07/2015 low). Hourly resistance can be found at 124.45 (17/06/2015 high). Stronger resistance still lies at 135.15 (14-year high). The technical structure still suggests a downside momentum as the pair is setting lower highs.

A long-term bullish bias is favored as long as the strong support at 115.57 (16/12/2014 low) holds. A gradual rise towards the major resistance at 135.15 (01/02/2002 high) is favored. A key support can be found at 118.18 (16/02/2015 low).

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