FXstreet.com (Barcelona) - The USD/JPY resumed uptrend during Wednesday's Asian session after a 100 pips dip to test intra-day support at 91.55. The dollar has recovered breaking 9240 resistance level (Feb8 high) reaching positions right below 92.50.
Nicole Elliott senior technical analyst forecasts a rally towards 94.00 if 91.00 level holds: Hovering cautiously above trendline resistance, slightly overbought, and we favour a short squeeze to the top of the large Ichimoku 'cloud'. Upside pressure increases if we hold above the bottom of the 'cloud' at 91.00.
As for strategy, Elliott advices longs on dips around 92.15: Attempt small longs on a dip to 92.15, adding to 91.60; stop below 90.70. Add to longs above 92.75 for 93.85/94.00.