USD/JPY has approached the 100.00 level on a number of occasions over the last few weeks, each time meeting with strong resistance. Thus if a break can be achieved over this level a further extension higher would be anticipated.

If however the key support at 95.77 (05/04/2013 low) cannot hold then it is anticipated that there would then be scope for a substantial corrective phase to develop as weak shorts will be forced to reverse out of their positions.

Daily Technical Report