In March of this year usd/jpy broke higher out of the multiyear downtrend. Resistance at the time was at 91.15, and a subsequent move to 95.00 was seen. This week the pair has retested the former longterm resistance, now acting as support at 89.20. Outlook for the next three months is for a strong move higher, with main resistance coming in at 91.00, 92.15 and 95.10 for a final target of 98.00. There is a minor risk we might see a small dip lower first to 88.80 before higher, nearterm support is at 89.60.
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