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USD/JPY: Little in way of technical resistance until 109.00

The vertical up-trend in USD/JPY is showing little signs of tiredness and we have to look back to the weekly trend-line to find some resistance near 109.00. There is a weekly high at 110.50 and they are the market’s next targets. Yesterday saw some quiet consolidation above 107.00 which, after a long bull run, suggests that the market has an appetite for more. There are unlikely to be any trailing stops of note until sub-106.50.

I personally would not chase this move higher. If you missed it, then wait for the next opportunity. But if you’re long already, I see no reason yet to panic into profit.

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