USD/JPY - Challenging its Recent Highs
USD/JPY has rallied of bullish trend line and is now challenging the key resistance at 121.85. A support can be found at 120.66 (see also the rising channel top). Another support lies at 118.18.
A long-term bullish bias is favoured as long as the key support at 110.09 (01/10/2014 high) holds. Even if a medium-term consolidation is likely underway, there is no sign to suggest the end of the long-term bullish trend yet. A gradual rise towards the major resistance at 124.14 (22/06/2007 high) is therefore favoured. A key support can be found at 115.57 (16/12/2014 low).