Forex: USD/JPY – Bulls lining up?

on Jul 25, 2013
Listen Thursday July 25th_: The USD/JPY currency pair gained 0.88 percent yesterday, closing at 100.39. So far today, the price has been descending, though is currently being held up at the 100 level.

Since 8 July the price action has been forming a symmetrical triangle pattern, a phenomenon which typically brings trend continuation. The recent upwards movement from 93.77 may expand to merge into and continue the larger uptrend from 77.12, which will be confirmed if the 103.73 top is breached.
This bullish outlook is also supported by the price consistently finding support and bouncing away from the ascending 89-day simple moving average.
Resistances today: 100.15, 100.45 and 100.65.
Supports: 99.80, 99.65 and 99.35.