Having broken clear of 97.00 resistance, USD/JPY now has its eyes on the 97.90 level, a daily high from back in mid-June. Beyond that is a very signficant area of resistance from 98.60 to 98.85.
Patient traders will want to wait for a retracement back toward the trendline breakout at 96.38 to get long while traders with shorter attention spans may be willing to wade in on a dip to 97.00. We trade now at 97.40.
