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USD/JPY Signals Bullish Continuation

USD/JPY popped up above the April resistance of 104.13, but found resistance at 104.27. It has been consolidating for a couple of sessions. Today as we got into the 8/26 US session, USD/JPY strated to rally and revive the uptrend.

The 1H chart now shows price above the near-term falling resistance, and above the 200-, 100-, and 50-hour simple moving averages. The RSI held above 40, which shows maintenance of the bullish momentum. 

USD/JPY 1H Chart 8/26

Now, USD/JPY looks poised to challenge the 104.27 resistance. A break above 104.30 continues the uptrend that has the 105.44 high on the year in-site. 

At this point, only a break below 103.50 should signal a more significant consolidation/bearish correction, and can open up the 103 level to be tested as support - it was a resistance level from April through June.