USD/JPY had resumed its up-trend and broken above multi-year highs at 103.75, reaching a new high of 103.90. It has since pulled back to an old 45° trend-line at 103.55, where it has found support. There is a possibility the pull-back will extend down to the old resistance level at 103.35, but, it will probably continue higher goven the dominent up-trend. The next major resistance level is at 104.15 so the exchange rate does not have much higher to go before it meets tough resistance. There is no reason to expect it not to break above that level eventually, however, and move even higher, given the mid and short-term trends all point up.
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