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USD/JPY Remains Bullish - Buy on a Dip Idea

USD/JPY's daily chart shows a market that has been neutral and bearish in 2014, but remains bullish going back to at least Sept. 2012. 


(usdjpy daily chart, 4/16)

1) 200-day SMA held as support
2) Stochastic turning up from 20, and RSI turning up from 40.

With that in mind, let's take a look at the 1H chart:


(usdjpy 1h chart, 4/16)After a slide last week from 104.12 to 101.31, USD/JPY consolidated and put in a bottom after breaking above 102.15 during the early going of the 4/16 global session. 

If the market is indeed bullish as seen in the daily chart, then a subsequent dip provides USD/JPY-bulls confidence to buy if it does not fall below the 101.50 level. 

A bullish market might even hold USD/JPY above the 102 handle or the 101.70 central pivot. 

In the short-term, there is upside toward the 104.12 high, with scope to extend in the medium term toward the 2014-high at 105.42.