Updating my most recent article today, it is important to note that the USDJPY is consolidating as it decides on direction for today’s Asian Seesion. Yesterday’s R1 is at 113.28 which previously held as support (seen below). This support level will have to break today to consider a short position. If and when this level breaks, don’t chase this bearish price action. The entry will be on the fibonacci retracement of this move if it occurs.
US Dollar Analyst, Forex.Today