USD/JPY: The Short Term Decline Has Been Broken
USD/JPY has broken the resistance at 97.79 (see also the declining channel), invalidating the short-term bearish trend. A move towards the resistance at 99.01 is favoured. A first resistance stands at 98.48. An initial support lies at 98.11 (intraday low). Another support can be found at 97.79 (previous resistance).
In the longer term, the technical configuration since the 22 May peak at 103.74 looks like a pause within an underlying uptrend. Therefore, we expect an eventual continuation of the longer term bullish trend. A significant support stands at 95.81. A key resistance stands at 101.53.