The USD/JPY pair is trading above its upward trend line on a 4 hour time frame. This confirms that the trend is towards the upside. We are also trading in a slightly downward channel and the price is about to challenge the upper line of this channel and a break of this line will be a further bullish sign for the price action. The pair is trading above the 50 day moving average shown in yellow and the 100 day moving average which is shown in red.
The RSI and the MACD indicators are trading in line with the price action and hence the momentum is behind the price action.
124.13- 123.73 Resistance Zone
118.47-117.99 Support Zone