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USD/JPY: Approaching its Recent High
USD/JPY has successfully tested its key support area defined by 92.17 (08/02/2013 low) and 91.98 (05/02/2013 low). It is now close to its previous high at 94.46. An hourly support is at 93.32 (intraday low).
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) has almost been reached. Another key resistance can be found at 101.45 (06/04/2009 high).