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USD/JPY - Bearish Breakout

USD/JPY has declined and hourly support at 122.23 (16/11/2015 low) has been broken. Hourly resistance still lies at 123.76 (18/11/2015 high). Strong support can be found at 120.07 (28/10/2015 low). Expected to bounce back toward resistance at 123.76.

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).

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