Mapping out the USDJPY

Looking for high probability trade setups, the USDJPY made it back onto our watchlist.

Although it's trading in a consolidation, the path is obvious with the well-defined boundaries to both sites.

We just saw a rejection of the 116 level together with a RSI divergence.Although this is a bullish signal, as long as price is in the range, it's not a signal.

A break of 118 will have us looking at long opportunities. A break of 116 to the downside will get us interested in shorts. Good to have this pair on your watchlist. Especially with all the bearishness brewing up everywhere else.