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USD/JPY - Looking for Bullish Breakout Confirmation

After last week's bullish breakout, USD/JPY has retreated from around 102.25, back below 102. The dip has not invalidated the bullish breakout, but the support factors in the 101.80-102 area should hold if the bullish outlook is to remain in play. 


(usdjpy 4h chart)

The 4H chart shows several support factors:
1) 100-4H SMA.
2) Previous triangle support.
3) 101.75 will likely be a near-term rising trendline support from last week.

A hold above 101.80 should reflect bullish bias, and keep the June high around 102.80 in sight. A break below 101.70, which should clear the support factors, would bring USD/JPY back in consolidation, with a slight near-term bearish bias towards at least the 101.25 low from last week., if not the 100.75-100.80, 2014-lows.


The daily chart shows that the market is sideways and trading at the crossroad. A break above 103.10 or below 100.70 will be needed to start up a directional trend. for now, we need to keep the bullish/bearish outlooks to be within a couple of sessions long, and not expect too much in terms of directional price movements.