USDJPY continues to respect the key support trend line coming from 102.50. This support trend line has been tested several times over the last few weeks and every time it was respected and price provided a strong bounce after the test.
USDJPY continues making higher highs and higher lows. Price remains above the key support trend line and this is the most important characteristic of this upward move. Recent major low at 107.50 remains intact as price follows the red support trend line to new highs above 110.50. Resistance is found at 111 and next at 113.30. Bulls remain in control of the trend as long as price is above 109.75.
