USD/JPY for August 2014

Getting close to overhead supply zone, there will be strong resistance at this point. If buyers can push through this bumpy range, then USD/JPY should shoot up after breaking the 103.2 mark.

Looking at the daily chart, there could be downward pressure based on indicators, a break on the pinkish trend line can see the pair consolidating for longer. In this case, a consolidation above the long term red trend line before commencing momentum, or even a jump back inside the monthly triangle if fundamentals blow the wind too strongly.

If not, then minor resistance at the supply zone should be present before a breakout close to the intersection of the pink upward trend line and resistance zone.

This is an early preemptive breakout plan, no target price will be present at the moment.