USD/JPY (a 4-hour chart)
The dollar remains around three-month highs against the yen. The
The dollar grew above the yen on Thursday. The USD/JPY reversed all its losses which it had suffered the other day. The price remained in an upward channel. The pair bounced off its lowest limit and moved towards 105.00 during the course of the day. The price developed well above the moving averages which are all pointing higher in the 4 hours chart. The resistance can be found at 105.00, the support comes in at 104.50.
MACD has formed signal to rise. The RSI indicator continues consolidating within overbought levels.
To retain bullishness for further gain to 105.00 the USD/JPY needs to hold above 104.50. On the other hand, a daily close below 104.50 would risk the 104.00 level.