USD/JPY - Rushing Towards The Major Resistance at 110.66
USD/JPY continues its steep advance and is now close to the major resistance at 110.66. Given the overextended rise, the odds to see a short-term correction are increasing. Hourly supports can be found at 108.37 (intraday low) and 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 recent new highs confirm a strong underlying bullish trend. Despite a likely pause near the major resistance at 110.66 (15/08/2008 high), an eventual break to the upside is favoured. Another resistance can be found at 114.66 (27/12/2007 high).