USDJPY: The resistance at 98.73 has thus far held

Tuesday, October 15, 20130 comments


USD/JPY continues to improve. A new phase of strength is favored as long as the hourly support at 97.92 (see also the rising trend line) holds. Monitor the resistance at 98.73 (01 October 2013 high). Other resistances are at 99.18 (24 September 2013 high) and 99.67. An initial support lies at 98.08 (14 October 2013 low).

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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