USD/JPY: Pausing Within Uptrend
USD/JPY has broken the key resistance level at 103.74 (22/05/2013 high). The technical structure remains positive as long as the support at 102.50 (17/12/2013 low) holds. Initial supports are given by 103.77 (23/12/2013 low) and the low of the rising channel (around 103.01). An hourly resistance stands at 104.64.
In the longer term, the move above the key resistance at 103.74 favours a continuation of the longer term bullish trend. Other resistances can be found at 105.50 (61.8% retracement of the decline that started in June 2007) and 110.66 (15/08/2008 high). A key support now lies at 99.57 (19/11/2013 low, see also the 200 day moving average).