daily chart

USDJPY: 82.46

Short-Term Trend: uptrend

USD has continued higher since our previous update and the daily chart looks more and more positive. The key question now is if USD will manage to break abv the 83.80/84.16 level. Such a break will confirm a larger-degree breakout and will strongly re-inforce the bullish case here. Until we see such a break, there is still a lot of uncertainty if this move up is going to fail, similarly to the move up in April this year.
On the downside, a decline below 81.00 negates and risks decline back twd 79.60.

Strategy: Holding long from 81.30 is favored. Stop=80.80.