USD/JPY: Continuing To Grind Higher
USD/JPY is making higher highs confirming the strong underlying uptrend. Now above the resistance at 92.89 (04/06/2010 high), a further swing higher to 94.99 (04/05/2010 high) is favoured. An hourly support is at 91.79 (intraday low). Another support can be found at 90.75 (31/01/2013 low).
We will keep our stop at 90.19 for now.
USD/JPY has validated a long-term bullish trend reversal formation by breaking the strong resistance at 85.53 (06/04/2011 high). The first long-term objective is the key resistance at 94.99 (04/05/2010 high). Another key resistance can be found at 101.45 (06/04/2009 high).