Getting close to overhead supply zone, there will be strong resistance at this point. If buyers can push through this bumpy range, then USD/JPY should shoot up after breaking the 103.2 mark.
Looking at the daily chart, there could be downward pressure based on indicators, a break on the pinkish trend line can see the pair consolidating for longer. In this case, a consolidation above the long term red trend line before commencing momentum, or even a jump back inside the monthly triangle if fundamentals blow the wind too strongly.
If not, then minor resistance at the supply zone should be present before a breakout close to the intersection of the pink upward trend line and resistance zone.
This is an early preemptive breakout plan, no target price will be present at the moment.
Looking at the daily chart, there could be downward pressure based on indicators, a break on the pinkish trend line can see the pair consolidating for longer. In this case, a consolidation above the long term red trend line before commencing momentum, or even a jump back inside the monthly triangle if fundamentals blow the wind too strongly.
If not, then minor resistance at the supply zone should be present before a breakout close to the intersection of the pink upward trend line and resistance zone.
This is an early preemptive breakout plan, no target price will be present at the moment.