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USDJPY : Trading Sideways, Trend Stays Bullish

USDJPY : 4 hour Chart

USDJPY seems to be trading sideways and facing support from 50 day SMA on the 4 hour chart. The pair declined from the resistance at 104.12 but again found support from 103.62. It tried to break the resistance once but was not able to hold above. Investors are now looking for the Chicago PMI data which if beats the expectations might push the pair up and help it in breaking above the key resistance at 104.12. However because of the low volatility in the market today ahead of the long weekend in US might prevent the pair in breaking above. 

USDJPY : Daily Chart

However on the 4 hour chart, the pair seems like trading within a rising channel signaling an uptrend. The pair might continue to surge until it find support from the resistance trend line of the channel. The resistance at 103.67 will prevent the pair in declining below it.