On the 4-hour chart, USD/JPY is growing along the upper line of the Bollinger Bands and testing the resistance level of 107.03 (Murray [6/8]).
The lack of long-term corrections reflects the strength of the current trend.
Breakout will let the price to grow to the area of 107.42 (Murray [7/8])-107.81 (Murray [8/8]), where is a high chance of a downward reverse.
If USD/JPY cannot consolidate above the level of 107.03, the downward correction and test of the level 106.41 (middle line of Bollinger Bands) are possible.
Technical indicators mostly keep a buy signal.
Bollinger Bands are diverging, reflecting the active development of the current upward trend.
MACD is growing in the positive zone.
Support and resistance
Support levels: 106.64, 106.25, 105.85,
Resistance levels: 107.03, 107.42, 107.81.
Long positions can be opened above the level of 107.03 with the target at around 107.42-107.81 and stop loss 106.90.
Short positions can be opened below the level of 106.82 with the target at around 106.41-106.25 and stop loss 107.00.