Meeting resistance; up-trend confirmed | 31 October 2013

The USD/JPY pair has risen up strongly to the 98.45 resistance level where the 50-day and 100-day MA's are situated. Following the latest rise, the short-term trend has now reversed and is definitively bullish. Resistance overhead from the MA's, however, is quite robust and could impede gains initially and lead to a sideways consolidation or pause before the next move higher. The monthly pivot is at 98.80 and is a further resistance level above price which is expected to resist further gains. There is also resistance at 99.00 from the lower border-line of the multi-month triangle. A break above 98.55 could see a move up to 98.80 - with a clearance of 99.00 opening up strong gains into new territory above, and the target from the primary count at 99.20.