Resistance at 104.44-47 being tested
The USDJPY is up testing a key resistance area at the 104.44-47 area. Going back to Oct 12, there has been three tests and two breaks. The two breaks saw additional momentum, but ultimately failed. Yesterday the pair broke above, based against the level before surging to 104.86. However, that gain unraveled with the pair moving all the way back down to support near the 100 hour MA (blue line in the chart above) and trend line support (see blue circles in the chart above). That actually was a nice hold on the dips today. So there is a reason for the rally from a technical perspective. The question is "Will that continued above this key target area?"