USD/JPY: Moving Higher
USD/JPY has confirmed its improving technical structure by moving above the resistance at 100.61. The short-term technical configuration is positive as long as the support at 99.57 (19/11/2013 low) holds. An initial support can be found at 100.31 (intraday low). A resistance is at 101.53.
In the medium-term, the break of the symmetrical triangle favours a further rise 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 (08/08/2013 low). A key resistance stands at 101.53.