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USD/JPY: Grinding Higher

USD/JPY continues to move higher but at a slower pace compared to previous days. Resistances can be found at 96.71 (intraday high) and 97.79 (07/08/2009 high). Hourly supports can be found at 95.50 (intraday low) and 94.79 (08/03/2013 low).

USD/JPY has validated a long-term bullish trend reversal formation by breaking the strong resistance at 85.53 (06/04/2011 high). The first long-term objective, given by the key resistance at 94.99 (04/05/2010 high), has been reached. A move towards the next key resistance at 101.45 (06/04/2009 high) is expected.

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