USD/JPY Above Resistance

USD/JPY reached 103.80 in today's session. A level substantially higher than the resistance line at 103.00.  The pair has been trading to the upside since last month when it reached a low of 99.55. Since then USD/JPY is going steadily North with only mild corrections before the upward move continues.

With the resistance level behind us, the pair is now ready to take it higher and possibly break the last high of 104.32. If that doesn't happen, then we might get back below the resistance and gravitate towards 103-102.50.

However, the double bottom that the pair formed below 100.00 level acts as a strong indicator that the downfall is over and the bulls have taken over for the long term.

Chart: USD/JPY H4