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Overview :
4-hour chart :
The USD/JPY pair has broken resistance at the level of 103.73, which acts as support now. So, the pair has already formed minor support at 103.73. The strong support is seen at the level of 103.73 because it represents the weekly pivot.
The RSI and the moving average (100) are still pointing to the upside. Therefore, the market indicates a bullish opportunity at the level of 103.73.
Buy above the minor support of 103.73 with a target at 104.41 (high price).
The USD/JPY pair will continue to rise from the level of 104.41.
Also, the level of 104.41 is a good place to take profit because it will form a double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/JPY pair to climb from 104.41 to 104.80 today.
The support is found at the level of 103.52, which represents the 50% Fibonacci retracement level in the H4 time frame.
On the other hand, if the pair closes below the minor support (103.52), the price will fall into the bearish market in order to go further towards the strong support at 102.62.
Comment:
Also, the double bottom is seen at the level of 102.62.
If the trend is buoyant, then the currency pair strength will be defined as following: USD is in an uptrend and JPY is in a downtrend.
1-hour chart :
The USD/JPY pair continues to move upwards from the level of 104.02. Today, the first support level is currently seen at 103.73, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 103.73, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the USD/JPY pair to trade between 103.73 and 104.80. So, the support stands at 103.73, while daily resistance is found at 104.80. Therefore, the market is likely to show signs of a bullish trend around the spot of 103.73. In other words, buy orders are recommended above the spot of 103.73 with the first target at the level of 104.41; and continue towards 104.80. However, if the USD/JPY pair fails to break through the resistance level of 103.73 today, the market will decline further to 102.60.
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