USD/JPY Testing Medium Term Uptrend Line

USD/JPY (daily chart as of October 1, 2013) gaped on its open below the medium term uptrend line (bold green line on the chart) on September 30 and closed right at the trend line. Price is currently testing the significance of that line. The currency pair has been showing indecision since September 2 after a breakout above the medium term downtrend line (bold red trend line on the chart). If price can hold the uptrend line, it could test 100.00/60 again and potentially 101.50 (July 8 high). Otherwise, it may turn down to test the medium term downtrend line or 96.80 (August 28 low), followed by 95.80 (August 8 low).

Upcoming risk events on Friday, October 4:
JPY: Bank of Japan interest rate decision & policy statement
USD: Nomfarm payrolls & unemployment rate (September)