USD/JPY: Making New Highs
USD/JPY has broken the key resistance at 102.70-102.83. A further medium-term rise towards the resistance at 104.92 (16/01/2014 high) is favoured. Monitor the test of the key resistance at 103.44 (29/01/2014 high). Hourly supports can now be found at 102.61 (intraday low) and 102.24 (intraday low).
A long-term bullish bias is favoured as long as the key support area given by the 200 day moving average (around 100.21) and 99.57 (see also the rising trendline from the 93.79 low (13/06/2013)) holds. A major resistance stands at 110.66 (15/08/2008 high).
We have removed our long strategy given the recent new highs above 102.83.