From a daily perspective the breakout above the triangle downtrend is still intact and the old resistance level now offers support at 99.63. With support from momentum (RSI has broken above the key 60 level) and the overall bullish pattern, the market is poised to make a run for the 100.61 level which can solidify the breakout. S/t, the 99.80 pivot is still acting as support as it is also an uptrend line from last week; below that 99.56 is the last level to secure the near-term outlook for higher prices. In order to promote the breakout $JPY needs to better 100.17/24. There is a possible triangle forming from early last week but the resolution also calls for higher prices. Levels: Support – 99.80, 99.60, 99.11 Resistance –100.17, 100.24, 100.60
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Nomura