USD/JPY has successfully tested the support at 97.01. Monitor the hourly resistance at 98.33, as a decisive break would call for a move at 99.25 (bullish flag). A key resistance is at 99.94. An hourly support lies at 97.88 (intraday low).
In the longer-term, the strong resistance area between 100.00 and 101.45 (06/04/2009 high) has led to a consolidation phase. However, as long as the support at 95.77 (05/04/2013 low) holds, further long-term strength towards 110.66 (15/08/2008 high) is expected.
Daily Technical Report
