USD/JPY continues to rise in the direction of the Key Resistance level 99.605 (of the type Approach) identified by Autochartist on the 4-hour charts. The pair is expected to rise toward the target level 99.605 in the next 7 trading days – in line with the predominant uptrend that can be seen on the daily USD/JPY charts. The stop-loss for this bullish forecast is set by Autochartist at 91.9598. The pair recently reversed sharply up (at point A) from the support level 94.00 standing close to the 38.2% Fibonacci Retracement of the preceding strong daily upward price impulse from September of 2012 (as you can see on the second chart below).
USD/JPY 1" width="600" height="369">
The following daily USD/JPY chart shows the aforementioned support levels:
USD/JPY 2" width="596" height="710">