USDJPY: Improving but a break of the resistance at 98.73 is needed

Monday, October 14, 20130 comments


USD/JPY has broken the resistance at 97.87 (03 October 2013 high, see also the declining trend line). A new phase of strength is favored as long as the hourly support at 97.92 holds. Resistances stand at 98.73 (01 October 2013 high) and 99.67. Another hourly support lies at 97.62 (intraday low, see also the rising trend line).

In the longer term, the technical configuration since the 22 May peak at 103.74 looks like a pause within an underlying uptrend. A significant support stands at 95.81. A key resistance stands at 101.53. 
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