USD/JPY: Grinding Higher
USD/JPY continues to probe higher, moving above the strong resistance at 101.45. Hourly supports can be found at 101.85 (15/05/2013 low) and 101.26.
The break of the resistance at 99.95 has validated an ascending triangle with an implied target at 104.10.
The overextended nature of this market calls for some caution. However, as long as the support at 95.77 (05/04/2013 low) holds, further long-term strength towards 110.66 (15/08/2008 high) is expected.