- The USD / JPY consolidates the movement to 104.20 in the Asian session.
- The bulls are holding on to the resistance of the 61.8% Fibonacci retracement on the 1 hour chart.
- The 103.92 level is the strong support, the RSI remains bullish.
USD / JPY is looking to extend gains above the 104.00 level, having hit a daily high at 104.20 early in the Asian session.
The bulls are trying to find acceptance above the critical resistance at 104.03, which is the 61.8% Fibonacci retracement of the Jan 12 dip on the 1 hour chart.
However, the path of least resistance appears to the upside amid a bullish RSI, currently at the 61 level.
The daily highs at 104.20 could be retested. A move above this level could point to Jan 12 highs at 104.33.
Looking down, the 100 hourly moving average at 104.00 could limit immediate pullbacks.
The confluence of the 50% Fibonacci retracement and the 21 and 100 hour moving averages at 103.92 will be a tough nut to crack for the bears.
USD / JPY 1 hour chart
USD / JPY technical levels