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USD/JPY – Watch for break above September highs

FX:USDJPY   U.S. Dollar/Japanese Yen
Pair’s rebound from 103.33 (previous day’s low) has left the doors open for a continuation of the rally from Sep 27 low of 100.08.

However, traders need to wait for a 15-min or hourly closing above 104.32 (September highs)…especially after Yellen speech.

Usually we wait for daily close above critical resistance for confirmation. However, possible dovish comments from Yellen and the fact that it is trading near 104.32 gives us little room to wait for daily close.

On the lower side, only a daily close below 102.81 ( Oct             10 low) would signal bullish invalidation.
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