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USD/JPY seems poised to challenge the downtrend's resistance again. The bearish bias is still intact as long as the price is traded under the downtrend line. The pair could develop a swing higher only if the USDX and JP225 will continue to increase.
The US Dollar could take full control after the US manufacturing and services sectors have resumed their expansion according to Friday's figures. Still, the greenback remains under some pressure ahead of the FOMC Meeting and before the US releases the Advance GDP.
USD/JPY continues to stay near the downtrend line signaling an upside breakout in the end. The price has decreased a little after another rejection but it has failed to close below the S1 (103.32) or to reach the lower median line of the red ascending pitchfork and now is almost to hit the downtrend line again.
Breaking above the downtrend line and registering a new higher high, closing above 104.39, bring a long opportunity and validates the bullish reversal. The upside scenario becomes invalid if the rate drop below the S1 (103.32).
Jumping and closing above the R1 (104.08) represents the first bullish signal while passing above the R2 (104.46) brings a great buying opportunity with a target at the R5 (105.60).
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