USDJPY technical analysis. I am keeping an eye on the 10 Year T-Note for possible Yen weakness. On the 4 hour chart, price has made a lower high and is in the process of making a lower low. Price is below the WM3, the Bear sell zone.

USDJPY - Daily

Market (55 above 21) is bearish. Price (8/5) is converging. Stochastic is oversold and starting to move up. Support at MM1/108.0, MS2/107.0 and 105.0. Resistance levels at: 110.0, MM2/111.0 and MPP/112.0.

USDJPY - H4

Market (55 above 21) is flat. Price (5 above 8) is bullish. Stochastic is almost at overbought. Price is in the process of making a higher high. If price finds resistance at WPP, my plan is to buy off 109.0 support level. If price move past that resistance level I will wait for price to make a higher high at WM3/110, retrace and then buy at support level, WPP/109.5.

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