USD/JPY - Pushing Higher Towards The Strong Resistance at 105.44
USD/JPY is making new highs, opening the way for a test of the strong resistance at 105.44 (see also the 61.8% retracement and the longterm declining trendline). Hourly supports can be found at 104.22 (intraday low) and 103.50 (22/08/2014 low).
A long-term bullish bias is favoured as long as the key support 100.76 (04/02/2014 low) holds. The break to the upside out of the consolidation phase between 100.76 (04/02/2014 low) and 103.02 favours a resumption of the underlying bullish trend. Strong resistances can be found at 105.44 (02/01/2014 high) and 110.66 (15/08/2008 high).