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USD/JPY Testing the 104 Resistance with Bullish Intent

USD/JPY has been bullish this week, but its not just this week. When you look at the dialy chart, you can see that since July, price was able to stay north of 101, and break above a falling triangle trendline as well as the 200-, 100-, and 50-day simple moving averages (SMAs). The RSI also tagged 70 in July. 

USD/JPY Daily Chart 8/21 

(click to enlarge)

Then after a dip to 101.50, price still came back above the SMAs, and the RSI held above 40, even 50, which shows maintenance of the bullish momentum. Now, traders are extending this rally, and the USD/JPY is ready to take out the 104 resistance area. However, in the near-term, we might see some consolidation first, especially with the daily RSI above 70 - in overbought territory.
USD/JPY 1H Chart

(click to enlarge)

In the 1H chart however, bulls still look to be in charge. After a brief dip to 103.60, the USD/JPY looks ready for bullish continuation. Even if price dipped to 103.40 and the RSI down to 40, bulls would still be in charge. The consolidation that is due, might simply be the flag pattern forming during the 8/21 session. If price does continue higher and break above 104.15, then USD/JPY will remain bullish with upside exposed to the 2014-high at 105.44.