USD/JPY - Approaching The 120 Threshold
USD/JPY continues to rise. Hourly supports can be found at 117.41 (intraday low) and 116.34 (18/11/2014 low).
A long-term bullish bias is favoured as long as the key support 105.23 (15/10/2014 high) holds. The break of the major resistance at 110.66 (15/08/2008 high) opens the way for a further rise towards 120.00 (psychological threshold, see also the 61.8% retracement of the 1998-2011 decline). A major resistance stands at 124.14 (22/06/2007 high).