USD/JPY has reversed recent bullish momentum, correcting sharply lower. Support is located at 122.23 (16/11/2015 low). Expected break of the support at 122.23.
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 116.18 (24/08/2015 low).