USD/JPY on its way to break above 100
After testing key support at 94.00 in mid-June, the USD/JPY has been working its way on the upside. At 99.60 at the time of writing, the 100 level has offered much resistance for the market to overcome, but as the BoJ is working against the value of the Yen, we expect further advances. The rising trend line that supports the price action and the strong RSI on the 30 min chart reinforce the bullish outlook. First target for the bulls to watch sits at 100.45. A break above that area would open the door to 100.8 and 101.15. With the market still digesting the comments about tapering QE in the US, we expect to see some choppiness around this area, but as long as the market remains above near term support at 98.55, there is no reason for the bulls to worry.
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