USD/JPY: Moving Back Toward The Highs
USD/JPY has erased all the losses made yesterday. Further rise towards the resistance at 96.71 (12/03/2013 high) is likely. An hourly support is at 94.82 (intraday low). Another support can be found at 93.57 (18/03/2013 low).
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, given by the key resistance at 94.99 (04/05/2010 high), has been reached. A move towards the next key resistance at 101.45 (06/04/2009 high) is expected.