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USD/JPY - Bearish Pressures

USD/JPY has weakened and is moving away from hourly resistance given at 118.66 (15/12/2016 high). Hourly support at 116.05 (30/12/2016 low) has been broken. Stronger support lies at 114.74 (12/12/2016 low). Expected to see further downside 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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