USDJPY is retesting the previously broken resistance
USDJPY is retesting the previously broken strong upside resistance 104.50. A confirmed break above 105 again after the retest bounce will lead to a continuation higher to 107. A reversal here and a break below 104.20 is now required to invalidate upside reversal. The overall medium-term is downtrend but this break above 104.50 is now invalidating the downside extension. As long as the USDJPY is above 104 there is a high probability that we will have a high probability upside reversal.
Note – We are inclined to long trade entries with the stop loss below 104.20.
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