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USD/JPY at Channel Support; Watching 102 and 103 for Clues

USD/JPY rallied from 100.82 to 102.79 in a rising channel. As we begin the 6/11 session, it is trading at the rising channel support. 


(usdjpy 4h chart)

The 4H chart shows that there is key support from 102 to 102.20. This area includes:
1) A previous support/resistance pivot area.
2) The rising channel support.
3) the 200-, and 100- 4H SMAs.

A hold above 102 and a break above the falling trendline from the 102.79 high signals bullish continuation, which has the focus on the 102.80-103 area.

A break below 102 opens up 104.42, and 100.82 pivots, down to the 103.76, 2014-low.



(usdjpy daily chart)

A break above 103 would clear a falling trendline and a previous resistance pivot. If the daily RSI reading also pushes above 60, we have a bullish continuation signal with the 104.11 pivot and 105.44 high on the year in sight.