The US dollar is moving closer to an important technical breakout against the Japanese yen as the pair holds towards the 104.00 resistance zone. Technical analysis highlights that a breakout from a falling price channel will take place if the price moves above the 104.15 level. Due to the extended period of consolidation, a powerful breakout should be expected one the 103.30 to 104.15 price range is broken.
The USDJPY pair is only bullish while trading above the 103.90 level, key resistance is found at the 104.15 and 104.50 levels.
The USDJPY pair is only bearish while trading below the 103.90 level, key support is found at the 103.60 and 103.30 levels.