The rally of the USD/JPY

The USD/JPY rallies for today from the 102 zone to the 103 level. Currently, the 103.00 level is acting as resistance and the price may try to bounce to the downside. But if risk appetite keeps rising in the markets, then the pair may break above the 103.00 level and try to visit the 104.00 zone, which has acted as resistance in the past. If the pair bounces to the downside, then the 102.00 level along with the 55 day EMA, purple line, could act as support and the price would stay inside the descending triangle pattern, where the 100.00 zone is the most important support.