USD/JPY - Challenging its Recent Highs
USD/JPY remains well supported despite deep short-term overbought conditions. The shortterm technical structure is positive as long as the support at 106.64 holds. Another hourly support can be found at 106.04. An hourly resistance now lies at 107.39 (12/09/2014 high).
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 test of the major resistance at 110.66 (15/08/2008 high) is expected.