Yesterday, usdjpy retraced to the just broken resistance level $104.06 but could not go any lower. We expect this level, $104.06, to now act as a support to any aggression to the lower side, thus, as long as the pair trades above this resistance line, we expect a possible bullish price movements towards $106.19 or even higher. A breakout below 103.93 may invalidate the anticipated upward rally and could lead to a possible bearish price rally. To trade this pair successfully, consider trading it alongside USD/CHF and EUR/JPY. These pairs have a strong positive correlation to usd/jpy and will have a similar price action during this intraday.
As long as the pair trades above $104.06, look for potential long positions with an ideal target at $106.19