USD/JPY: Approaching The Strong Resistance at 94.99
USD/JPY has recently weakened. However the support at 91.98 (05/02/2013 low) has thus far held. Another support can be found at 90.33. We favour a test of the strong resistance at 94.99. An initial resistance is at 94.06 (06/02/2013 high).
USD/JPY has validated a long-term bullish trend reversal formation by breaking the strong resistance at 85.53 (06/04/2011 high). The first long-term objective is the key resistance at 94.99 (04/05/2010 high). Another key resistance can be found at 101.45 (06/04/2009 high).