USD/JPY: Challenging The Recent Highs at 99.94
USD/JPY is challenging the resistance at 99.94 (11/04/2013 high). Monitor also the strong resistance at 101.45. Hourly supports can be found at 98.96 (intraday low) and 97.22 (17/04/2013 low).
USD/JPY has validated a long-term bullish trend reversal formation by breaking the strong resistance at 85.53 (06/04/2011 high). A move towards the key resistance at 101.45 (06/04/2009 high) is expected.
A long-term bullish bias is favoured as long as the support at 92.57 (02/04/2013 low) holds. Further long-term strength towards 110.66 (15/08/2008 high) is likely.