Technical outlook:
USDJPY grew to the 104.70 level yesterday before pulling back. The single currency pair is seen to be trading around the 104.45 level at this point in writing. It may break above 104.70 to move up. Resistance is seen at 106.00 followed by 107.00, while support is around 103.18 followed by the 101.18 level respectively. The overall wave structure remains constructive for bulls as they remain poised to take out 106.00 in the immediate future. Also note that resistance trend line would be broke past 106.00, which would bring USDJPY back into the buy zone. This would help accelerate further towards 107.00 and higher in the next several weeks. Please note that the major boundary which is being worked upon is between 101.18 and 111.75. USDJPY bulls might remain inclined to push above the 111.75 level.
Trading plan:
Remain long, stop @ 101.18, target @ 107.00 and higher
Good luck!
