As we see, the USD/JPY pair on the 4-hour chart is already making a bullish pattern. The price has already climbed above the 30-period Exponential Moving Average. Besides, the Commodity Channel Index has already passed through the important levels like 100,0, and 100 (see the blue circle). Under this condition, USD/JPY has developed a strong upward move now. It will try to hit the 107.86-108.51 area. As long as the price has not retraced downwards lower than 105.16, the pair will continue its bullish move.
The overall bias of USD/JPY now is bullish.
(Disclaimer)
