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USDJPY : Testing Resistance at 104.12, A Breakout will Open Doors for 104.90 and 105.40 Levels

USDJPY : 4 Hour Chart

USDJPY today again strengthened trimming its losses from yesterday and again testing the previous resistance at 104.12. On the 4 hour chart, the pair is showing a bullish trend as it seems like the pair is trading within a rising channel. The moving averages are heading upwards in the same direction signaling an upward continuation. On the stochastic oscillator the %K line is below the %D line which is also signaling an upward continuation.

USDJPY : Daily Chart

While looking at the daily chart, the pair currently testing the key resistance at 104.12 and there also seems a rising channel pattern. The 50 day SMA has just crossed the 100 day SMA and moved upward confirming a bullish trend. The pair may decline from this resistance for now but it will again test this resistance and might break above. However if it surge from this resistance now it will find the next resistance from the rising resistance trend line of the channel. Breaking above the resistance at 104.12 will open the doors for the next resistance levels at 104.90 and 105.40.