The USD/JPY has extended its up-trend and reached the resistance highs at 98.80 where it is consolidating. It may have difficulty breaking above and there is a strong possibility of a sideways consolidation or pull-back evolving. The short term trend remains up and it is in sync with longer-term trends which enhance its validity. Overall the probabilities suggest the pair will break above 98.80, although the next level of resistance is not far above at 99.38. The target for the move based on the most recent count is 99.85.
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