The USD/JPY pair found support at the 45° trend-line and resumed its up-trend. It has rallied up to the 100.20 level where it has hit resistance again. Then there has been a pull back from this level down – with the possibility now emerging that the pair is in a sideways consolidation. A new count up to 100.50 has been established and this is the next target. The dominant trend is still 'up' in the short-term and this also falls in sync with the broader direction of the pair, however it also seems like a continuation of the sideways move is possible over the very short term.
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