USD/JPY edged higher for the fourth consecutive session on Monday. The set-up supports prospects for a move towards the 104.75-85 zone. The USD/JPY pair built on last week’s rebound from the vicinity of multi-month-old descending channel support and gained some follow-through traction on Monday. This marked the fourth consecutive day of a positive move and pushed the pair to one-month tops – levels beyond the 104.00 mark. Meanwhile, technical indicators on the daily chart have just started moving into the bullish territory and support prospects for an extension of the positive move. The positive outlook is reinforced by the ongoing US dollar recovery amid the increasing likelihood of more US fiscal stimulus. Hence, a subsequent move towards an important horizontal resistance, around the 104.75-80 area, now looks a distinct possibility. The mentioned barrier coincides with 100-day SMA and is closely followed by the top end of the trend-channel, just ahead of the key 105.00 psychological mark. A sustained strength beyond will suggest that the USD/JPY pair has bottomed out, paving the way for a further near-term appreciating move. Bulls might then push the USD/JPY pair further toward the 105.55-60 intermediate resistance before eventually aiming to reclaim the 106.00 mark. On the flip side, immediate support is now pegged near the 103.80 region. Any further decline might now be seen as an opportunity to initiate fresh bullish positions and remain limited near the 103.00 mark. That said, a convincing break below will negate the near-term constructive outlook. The USD/JPY might then turn vulnerable to resume its recent well-established bearish trend and accelerate the fall back towards challenging the trend-channel support, currently near the 102.35 region. USD/JPY daily chart Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next S&P 500 reinforces the accelerated uptrend with target at 3900 – Credit Suisse FX Street 1 year USD/JPY edged higher for the fourth consecutive session on Monday. The set-up supports prospects for a move towards the 104.75-85 zone. The USD/JPY pair built on last week's rebound from the vicinity of multi-month-old descending channel support and gained some follow-through traction on Monday. This marked the fourth consecutive day of a positive move and pushed the pair to one-month tops – levels beyond the 104.00 mark. Meanwhile, technical indicators on the daily chart have just started moving into the bullish territory and support prospects for an extension of the positive move. The positive outlook is reinforced by the ongoing… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.