USD/JPY is consolidating after the successful test of the key resistance at 103.02. Monitor the support at 102.36 (18/06/2014 high, see also the 38.2% retracement). Another support can be found at 102.04 (30/07/2014 low).

A long-term bullish bias is favoured as long as the key support 99.57 (19/11/2013 low) holds. However, a break to the upside out of the current consolidation phase between 100.76 (04/02/2014 low) and 103.02 is needed to resume the underlying bullish trend. Another resistance can be found at 104.13 (04/04/2014 high), while a major resistance stands at 110.66 (15/08/2008 high).

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