USD/JPY: Succession of Higher Lows Intact
USD/JPY is moving within an underlying uptrend. Hourly supports can be found at 101.83 (16/05/2013 low) and 101.26. An hourly resistance is now at 103.31 (17/05/2013 high).
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.
We are raising our stop-loss close to the hourly support at 101.26.