As you can clearly see at 4 hour chart below USDJPY is trading in range and to be more specific is trading into a channel with upper band the 114.80 and lower band the 110.73. Price has just penetrated upwards the 200 MA, which alert us for a possible Bullish momentum.

Due to that Bullish momentum we might see price testing again the upper band of the trading channel. A possible break above the channel will most probably lead the price even higher close to 116.30 which is the next crucial resistance level.

We do not have any sign from Bears or any kind of reaction that would make us thing Bearish but again a possible break below the lower band of the channel would most probably found support at 110.00 which is the next support and psychological level.

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