USD/JPY: Breaking To The Upside Out of a Symmetrical Triangle
USD/JPY has broken the resistance implied by the declining trendline. The short-term technical configuration is positive as long as the support at 99.11 (12/11/2013 low) holds. An initial support lies at 99.79 (intraday low). A resistance is at 100.61.
In the medium-term, the break of the symmetrical triangle favours further rises towards the key resistance at 103.74 (22/05/2013 high).
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.