USD/JPY Approaching Key 100.60 Resistance

USD/JPY (daily chart as of November 18, 2013) broke out above the narrowing trading range on November 8 with a relatively strong bullish candlestick, and touched a high of 100.43 yesterday, only 17 pips below the key 100.60 resistance level. It has managed to keep up the momentum for seven trading sessions after the break.

Price retreated today from the prior uptrend support line (now resistance line) that connected the June 13 low and the September 18 low (green line on chart), which acted as resistance on both October 16 and 17 (red arrow on chart).

The currency pair needs to clear 100.60 and the mentioned resistance line for more upside momentum to test the strong resistance of 101.50, and potentially the key 103.70 high to resume the prior uptrend. If price is unable to surpass 100.60, more consolidation may be expected ahead.

Support levels below:
1st support: 99.40 (November 7 high)
2nd support: upper/lower border of the narrowing trading range
3rd support: 96.95 (October 25 low) or the daily EMA 200

Resistance levels above:
1st resistance: 100.60 (key resistance level)
2nd resistance: 101.50 (July 8 high)
3rd resistance: 103.70 (May 22 high)