USDJPY broke above its long contracting period at the end of January. With the support of long-time resistance, now support 100-day moving average, USDJPY is testing the 106 resistance level. If the price can hold above the lower line of the bullish channel, 104.90, the odds of breaking that resistance and continuing the trend are not low. In the short-term 106.75 and in the medium-term 108 may become good targets for bulls.
For downward moves that go beyond 104.90, the 100-day moving average can be followed as support.
