USDJPY reached its 4hr resistance, which was tested following the recent 4hr close. Rather than attempting a short trade in the currency pair, a 4hr close above the resistance may pave the way for further gains towards 111.35. The is a fairly classic breakout strategy which may take some time to materialize.
The Bank of Japan (BOJ) is scheduled to be held during the Asian session, which may trigger some in JPY pairs and crosses in the Forex market. Many wonder whether the BOJ will begin layering its plans for exiting the current Quantitative Easing ( ) program as it was hinted on several occasions in the past.
Do not that this is a strictly short-term strategy, which is not aimed to target hundreds of pips.