USDJPY is trading at 110 after touching the support trend line at 109.30 once again. Price has respected the upward sloping support trend line coming from 107.50 after several attempts to break it. Price has stayed above the trend line confirming the importance of the trend line support.
Blue line -horizontal support
Back on June 8th analysis we noted at 109.30 we are bullish as price was just above the red support trend line. We favored an upward bounce like every time before price was this close to the trend line. Price has strongly bounced off the trend line and is making higher highs and higher lows. Next resistance is at 110.30 and breaking above is the most probable scenario. Support is at 109.50 where we find the red support trend line. We are bullish as long as price is above this trend line.
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