USDJPY Daily Up short term.. Interesting long term

Still bullish as price has broken through the consolidation range and remains above dynamic MA support printing lots of downside wicks on the H4 time-frame showing limited downside potential. You can see the range here on the daily time-frame and the downside fib scenario which has now been invalidated as price moves past the 78.6%. We can see price definitely revisiting 111.35 as a short term target before reassessing. This has proven to be a tough region for UJ to break in the past and if price fails to break this level then we could still turn downside, however this market is obviously bullish as it stands and we could ride the wave to 112 and possibly higher but given the Downtrend from the higher time frames it wouldn't be wise to hold any long positions past this region until we have further confirmation.

Comment:

We've been seeing consolidation over the past few days with price closing as spinning tops just below the resistance of the range highlighted in orange. As price heads towards a retest of the uptrend we'll have to monitor the coming H4 closures.