USD/JPY W H3 Resistance might reject the pair

The USD/JPY has been in a retracement as new weekly levels have been calculated. The price is approaching strong W H3 resistance

As the price approaches a strong W H3 resistance, we can see a bounce straight from 104.50 zone. The ATR (14) is 71 so it suggests that retracement has almost made its full ATR.

We might see a rejection from 105.15-27 towards 104.30 and possibly 103.93 in upcoming days. Intraday targets are 104.60 and 104.44

However if the price makes a pullback to 105.82, this bullish scenario will be negated and bulls will gain the upper hand.

Good trading,
Nenad Kerkez aka Tarantula FX