USD/JPY: The market has managed to break to fresh 2010 highs beyond 94.75, to confirm a fresh higher low by 91.60, and expose the next upside extension towards the 98.00 area over the coming sessions. The overall structure remains highly constructive, with the pair looking like it is in the process of carving out a major longer-term base. Look for any intraday setbacks to now be well supported in the 93.00 area.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to discus this topic or any other feel free to visit our Forum page