USD-JPY:With the pair resolving from its range to the upside and cutting through its established long-term falling channel at 91.49 to test a five-week high today, the risk of a further-up move through the 92.13 level is likely.

However, we would like to see the pair maintain its current strength on a daily closing basis today to add to its breakout validity.

On a decisive break-and-hold above the 92.13 level, USD-JPY should build further strength towards the 93.74 level, its 2010 high where a breather may be seen, before the pair turns back down.

Its daily RSI has turned higher supporting this view. Alternatively, on any pullback from its current price level, its break-out point seen at 91.49 should reverse roles and provide support.

Below there will put the pair back into its falling channel and then target the 91.07 level, its March 12, 2010 high, and subsequently the 89.74 level, its March 18, 2010 low.

In summary, having broken through its falling channel resistance, threats of further upside are expected.
Mohammed Isah is a technical strategist and head of research at, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and At, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces The Professional Suite for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.