USD/JPY validated last Thursday a bullish engulfing pattern. However, a break of the support at 98.49 (61.8% retracement of the recent rise) would invalidate the short-term positive implications implied by this pattern. Hourly resistances are at 99.18 (24/09/2013 high) and 99.67 (20/09/2013 high).

In the longer term, the bullish symmetrical triangle in the daily time frame favours a minimum move towards the previous top at 103.74 (22/05/2013 high). A support area can be found around 97.76 (18/09/2013 low, see also the rising trendline). A significant resistance stands at 101.53.

Daily Technical Report