USD/JPY has confirmed its improving
technical structure by moving above the resistance at 100.61. The short-term
technical configuration is positive as long as the support at 99.57 (19
November 2013 low) holds. An initial support can be found at 100.31 (intraday
low). A resistance is at 101.53.
In the medium-term, the
break of the symmetrical triangle favours a further rise towards the key resistance
at 103.74 (22 May 2013 high).
In the longer term, the
technical configuration since the 22 May peak at 103.74 looks like a pause
within an underlying uptrend. Therefore, we expect an eventual continuation of
the longer term bullish trend. A significant support stands at 95.81 (08 August
2013 low). A key resistance stands at 101.53.
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