Fundamentally the USD is at an area of contention with rate hike chat and some positive data sets. Keep an eye on the $TNX chart to see an early indication of yield which can lead where the USD is going. Wage growth yet to be commented on in both economies. JPY strength at the moment due some speculation of QQE back off. Key with this one for me would be wait for an entry around the flat 112 area for what I would label a somewhat aggressive entry. Risk to reward is good.
However always a contingency in play and that will be the 71 fib retracement which will need to be watched carfeully. A break below this would indicate a drop to the 111 area. For me this 112 area is a key area of interest. I trade 4hr and daily when looking at bigger moves and shorter time frames when looking at a more aggressive trade.