USDJPY will see a Bearish move after Bulls exhaust themselves around the 114.210 price point. There has been a general consolidation of price for the last 4 days which will either break the cycle in which case, we will see a break out to the upside going anywhere north of 114.200 all the way to 114.504 and beyond. If not, which is likely the case for the short-term, will see a continuation of the constriction of price, leading to a minor retracement of the uptrend which will be (relatively) tradeable until the 113.832 price point.
Keep in mind, THERE IS A VALID UPTREND IN PLACE FOR THE DAY, so any counter-trend trading comes with (more) risk, but for the short term trader, this is the best bet when dealing with this pair until further notice..
ENTRY POINT: 114.005
STOP LOSS: 114.220
TAKE PROFIT: 113.695
Keep in mind, THERE IS A VALID UPTREND IN PLACE FOR THE DAY, so any counter-trend trading comes with (more) risk, but for the short term trader, this is the best bet when dealing with this pair until further notice..
ENTRY POINT: 114.005
STOP LOSS: 114.220
TAKE PROFIT: 113.695