USDJPY upside reversal in hands
USDJPY has broken above the 104.40 resistance and it seems like it is making a full reversal higher. A confirmed break above 105 is required for an upside continuation higher. A rejection here and a break below 104.30 could lead to another downside 103.20 resistance test. The overall medium-term is downtrend but we need this break above 104.40 confirmed for a high probability upside reversal. As long as the USDJPY is above 104.40 there is a high probability that it will have an upside extension targeting 107.
Note – We are inclined to long trade entries with the stop loss below 104.50 on a confirmed break above 105.
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