USDJPY recently broke the resistance area located between the resistance level 103.900 (former support from the middle of December) and the 61.8% Fibonacci correction of the previous downward impulse (c) from the start of December. The breakout of this resistance area strengthened the bullish pressure on this currency pair. Given the predominantly bullish US dollar sentiment seen across the FX markets today – coupled with the moderate yen bearishness – USDJPY is expected to rise further toward the next resistance level 104.500 (which has been reversing the price from November- intersecting with the daily down channel from July).