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USD/JPY Now In Uptrend From 97.58

USD/JPY Now In Uptrend From 97.58

USD/JPY is now in uptrend from 97.58, the fall from 99.94 is likely correction of the uptrend. Another rise to test 101.53 key resistance is possible after the correction, a break above this level will indicate that the long term uptrend from 75.57 (October 31, 2011 low) has resumed, then the following upward movement could bring price to 110.00 zone. Initial resistance is at the upper line of the price channel on the 4-hour chart, failure to break above the channel resistance will suggest that the pair remains in downtrend from 101.53, one more fall to 96.00 to complete the downward movement is possible.

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