USD/JPY's short-term bearish pressures are back. The pair is bouncing lower. Hourly support can be found at 109.12 (07/06/2017 high). Strong support is located at 108.13 (17/04/2017 low). Hourly resistance is given at 110.81 (09/06/2017 high). Other key supports lie at a distance 106.04 (11/11/2016 low). Wide-open for further decline.

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).

Daily Technical Report