On the 4-hour chart, the instrument is falling along the lower line of the Bollinger Bands.
The lack of long-term corrections reflects the strength of the current trend.
Currently, the price is testing a strong support level of 106.68 (Murray [0/8]).
Breakout and consolidation of the price below this level will open the path to the area of 104.29 (Murray [-1/8]) – 103.90 (Murray [-2/8]).
There is a high chance of a downward reverse from the level of 103.90.
If USD/JPY cannot consolidate below the level of 104.68, it will begin to grow to the area of 105.46 (Murray [2/8]).
This scenario will be relevant in case of consolidation the price above the level of 105.07 (Murray [1/8]).
Support and resistance
Support levels: 104.68, 104.29, 103.90.
Resistance levels: 105.07, 105.46, 105.85.
Short positions can be opened below the level of 104.68 with the target at around 104.29-103.90 and stop loss 104.85.