Buy USDJPY @ 103.80. Take profit targets @ 104.80 and 104.50
Stop loss @ a close below 103.50
Yesterday’s and today’s candlestick of the USDJPY pair formed a hammer candlestick; the price tested a lower price, retraced, and then ended the trading session higher than the open price. The price also tested the mojor resistance at 103.90 and didn’t reverse it direction. On top of that, oscillators applied on the USDJPY 4 hours chart are all around their positive values, which confirms its strength. On the daily chart, the MACD signal curve reached the zero value and is continuing into the histogram, which is also in the positive zone. The RSI is also showing strength on the daily chart as its heading into the 70 level.