USD/JPY Close to a Possible Break Out

USD/JPY continues its upward move started in the early trading hours yesterday. The pair moved from a low of 101.41 to a high of 103.33. This movement comes as an addition to a series moves causing the pair to fluctuate aggressively in the range between 100 and 104 in which the pair has been caught for the last few weeks.

As of now, it appears that USD/JPY might attempt to break current resistance in the face of 103.50. If this happens then we will have to establish a new order of events as the old pattern will be invalidated.

First bull target is seen at last high of 104.32 while first support is seen at 103.00. No fundamentals are scheduled for today so we might see technical bulls trying to beat the resistance at 103.50

Chart: USD/JPY H4