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Overview :
USD/JPY :
The immediate support level set at the price of 103.59 . In the 1-hour chart, the pair is trading above all of its moving averages, which converge directionless in the 103.75 price region.
The moving average (100) indicator retreats within positive levels, while the RSI is flat around 60.
A daily ascendant trend line coming from last week stands around the spot of 103.34 - 103.75.
Moreover, the pair needs to advance beyond 104.00, the monthly high, to turn bullish.
The USD/JPY pair will continue rising from the level of 103.34 today. So, the support is found at the level of 103.34, which represents the last bearish wave level in the H1 time frame.
Since the trend is above the bottom (103.34), the market is still in an uptrend. Therefore, the USD/JPY pair is continuing with a bullish trend from the new support of 103.34.
The current price is set at the level of 103.75 that acts as a daily pivot point seen at 103.75. Equally important, the price is in a bullish channel.
According to the previous events, we expect the USD/JPY pair to move between 103.53 and 104.41.
Therefore, strong support will be formed at the level of 103.35 providing a clear signal to buy with the targets seen at 104.00.
If the trend breaks the support at 104.00 (first resistance), the pair will move upwards continuing the development of the bullish trend to the level 104.41 in order to test the daily resistance 2.
The pair is likely to move upwards continuing the bullish trend development to the level 104.41, then probably reach 105.03.
The stop loss should always be taken into account for that it will be reasonable to set your stop loss at the level of 103.00 (below the support 2).
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