USD/JPY: A Decline Towards The Support at 100.76 is Likely
USD/JPY has broken the support implied by the 200 day moving average (around 101.61), confirming persistent selling pressures. A further decline towards the strong support at 100.76 is likely. Hourly resistances now stand at 101.74 (intraday high) and 101.89 (26/06/2014 high).
A long-term bullish bias is favoured as long as the key support 99.57 (19/11/2013 low) holds. A break of the key resistance at 103.02 is needed to suggest the end of the current consolidation phase. A strong support stands at 100.76 (04/02/2014 low). A major resistance stands at 110.66 (15/08/2008 high).