USD/JPY: The Resistance at 99.63 Has Been Broken
USD/JPY continues to retrace its decline from the top at 101.53. The resistance at 99.63 has been broken. Another resistance can be found at 100.64. An initial support is given by the hourly rising trendline (around 99.46). Another support is at 98.27.
The medium-term technical configuration remains positive as long as the support at 93.79 holds. However, the resistance area between 102.59 and 103.74 coupled with the short-term overbought conditions and the upper house elections on 21 July suggest a limited short-term upside potential.