USD/JPY - 103.50
Despite the greenback's fall to 102.81 Monday, subsequent rally to 103.78 and yesterday's break of this level to 104.07 confirms the pullback from last Thursday's high at 104.16 has ended there and consolidation with upside bias remains for recent upmove to resume and above 104.16 would bring re-test of September's high at 104.32, break would yield 104.87/90 later.
On the downside, only below 102.81 would indicate a temporary top has been made and risk would increase for a stronger retracement to 102.46/50.
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