We are long on a short term for a re-test of 119.95. (Today/tomorrow) if the price manage to take out the high 120.47 then short is not an option. After this we will sell the pair and we expect the price to decline again and give us a nice break of the 118.30. structure(sell-point) a break below this point, we will bring our stop firmly on the 118.20. After this we can look forward to 116.80 area. A break of 116.80 will further drag the pair towards a significant point of 115.50. This is the likely scenario according to the price action in the pair. Entry=118.50 stop = 118.25 Target=119.95
Bulls are now firmly in control of this pair, above 119.20 we stay long usdjpy. Keep eyes open for the upcoming JPY news and monetary press conference.
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USDJPY is coming out of the zone, we look for series of highs today.
Watch out for: 118.70, 119.20, 119.57 and 119.95.