USD/JPY selling pressure continues. Shortterm technical structure suggests a stronger downside momentum. Hourly support can be found at 118.07 (15/10/2015 low). Hourly resistance lies at 123.76(18/11/2015 high). Expected to further decline towards hourly support at 118.07.
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).