FXstreet.com (Barcelona) - USD/JPY has rallied from 93.30 reaching past 94.00 on its way to important resistance level at 94.60 (Jan 6 high), breaking that level could push the pair well above the 100 level as it will confirm a double bottom pattern at 86.98 (Dic 17 and Jan 21 lows.)
According to Mohammed Isah, technical analyst at FXTechstrategy the USD could rise up to 102.22: Having decisively cleared and held above its key resistance at the 92.41 level, its Feb 09'09 high on Wednesday, focus has now turned to the 94.62 level, its Jan'09 high. This level is very significant as its break will confirm a double bottom chart pattern printed in Dec'08 and Jan'09 and create an upside price objective of 102.22.
On the way to 102.22, Isah warns about inportant resisttance levels: the pair will have to overcome the 97.43 level, its Nov 24'08 high and the 100.55 level, its Nov 04'08 high before meeting that target if the 94.62 is convincingly taken out. The pair is supported by its daily and weekly studies though the former is now in overbought zone.