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USD/JPY has turned to the upside and it seems determined to take out the near-term resistance levels and to resume its current bullish movement. It is traded at 105.98 level, the USDX and Nikkei's potential growth in the short term will push the pair higher.
The pair has decreased a little, but only to accumulate more bullish energy before resuming its rally. Still, we need confirmation before going long, a valid breakout above the near-term levels will bring a buying opportunity.
USD/JPY is traded above the Pivot Point (105.89) level and it could reach the black downtrend line again soon. A valid breakout above the downtrend line and above the median line (ML) of the black ascending pitchfork will validate further growth.
The pair could drop again if it fails to reach the median line (ML) and the downtrend line, or if it registers a false breakout with great separation.
Buy a valid breakout above the downtrend line, above the median line (ML), and above the R1 (106.48) level. The potential valid breakout could signal a rally towards the upper median line (UML) of the black pitchfork.
Sell a drop below the S1 (105.31) level, the downside target is seen at the lower median line (LML).
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