USDJPY Buy the dip
The US dollar has tested towards key resistance against the Japanese yen, around the 104.30 level, however, bulls failed to force a major breakout. Traders that are bullish towards the USDJPY pair may now attempt to buy a solid dip below the 104.00 level. Technical analysis shows that the main focus in the near-term is a bullish falling wedge pattern on the higher time frames between 102.60 and 104.30.
The USDJPY pair is only bullish while trading above the 103.50 level, key resistance is found at the 104.00 and 104.30 levels.
The USDJPY pair is only bearish while trading below the 103.50 level, key support is found at the 102.30 and 101.00 levels