USDJPY TECHNICAL ANALYSIS
Lets look at the USDJPY on the 4 hour time frame.
I have marked up the chart and as you can see the pair has broken above its wide downtrend channel.
Above the 107.0 level, we can expect this pair to continue moving up.
Currently price pulling back and testing the dynamic support EMA 15. If bulls come in at this level, we might see momentum continue to the upside.
The first target on the upside is the 107.680 level. Currently price is at 107.160, a good 50 pips or so potential to the upside.
On the downside, a break and close below 107.00 will bring the bears back in again.
MACD histogram shows bullish pressure. In green and above the zero line.
We are bullish on USDJPY as long as it trades above the 107.0 level.
News flows and NFP data coming out today during New York session might bring in some volatility.
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