The US dollar has tested towards the 104.00 level against the Japanese yen as bullish momentum in the pair starts to gather real traction. Lower time frame analysis shows that a major upside breakout will take place if the 104.50 resistance level takes place. Multi-day price stabilization above the 104.00 resistance level should also be considered bullish for the USDJPY pair.
The USDJPY pair is only bearish while trading below the 103.50 level, key support is found at the 102.80 and 102.30 levels.
The USDJPY pair is only bullish while trading above the 103.50 level, key resistance is found at the 104.00 and 104.50 levels
