USDJPY Institutional Buy Setup

FX:USDJPY   U.S. Dollar / Japanese Yen
Hello traders! The 118.66 high on Friday has since kept the buyers in check. Since then we have been seeing some consolidation that is easing the overbought conditions. The first reasonable level to see potential dip buyers step in is around the 116.12 figure. It is entirely possible to see dip buyers step in before that at around 117, but 116.12 is a much better level and we only like the best setups here. As always we will be using a 30-40 pip stop loss and look to get whatever we can on the profit side. Good luck to anyone that takes it!
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