USD/JPY - Making New 5 Year Highs
USD/JPY has broken the strong resistance at 105.44 (see also the 61.8% retracement and the long-term declining trendline), opening the way for further strength towards the major resistance at 110.66. Hourly supports can now be found at 105.71 (05/09/2014 high) and 104.69 (05/09/2014 low).
A long-term bullish bias is favoured as long as the key support 100.76 (04/02/2014 low) holds. The break to the upside out of the consolidation phase between 100.76 (04/02/2014 low) and 103.02 favours a resumption of the underlying bullish trend. A major resistance stands at 110.66 (15/08/2008 high).