USD/JPY: The Resistance at 102.70 Continues to Hold
USD/JPY has failed again to break the key resistance at 102.70 (11/02/2014 high). However, the current succession of higher lows favours a short-term bullish bias. Hourly supports stand at 101.67 (20/02/2014 low, see also the rising trendline) and 101.39. Another key resistance stands at 103.44.
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).