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USD/JPY - Old Resistance Becomes New Support

USD/JPY's buying pressures are important. The pair is making new highs day after day. Hourly support is given around 109.80 (16/11/2016 low). Stronger hourly support lies at 108.56 (17/11/2016 low). Expected to see further upside moves.

We favor a long-term bearish bias. Support is now given at 96.57 (10/08/2013 low). A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems absolutely unlikely. Expected to decline further support at 93.79 (13/06/2013 low).

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