USDJPY technical analysis.
USDJPY - Daily
Market (21 above 55) is flat. Price (5 above 8) is converging. Stochastic is overbought and starting to move down. Resistance levels at MM4/112.0, MR2/112.50 and 113.0. Support levels at MR1/111.0, MM3/110.50 and MPP/110.0. As per pivot point theory when price reached MR2/MM4, price might return to MPP.
USDJPY - H4
Market (21 above 55) is flat. Price (8 above 5) is bearish. Stochastic is oversold. Resistance levels at WPP/MM4/112.0, WM3/112.50/MR2 and WR1. Support levels at WM2/111.50, WS1/MR1/111.0 and WM1/MM3/110.50. Bears has sold at WM3 with a profit target of WM1. I am waiting for price to find support and retrace back to WPP/MM4/112.0 resistance level, I will look at a lower time frame for a reversal pattern to sell. If price breaks through the support level, I would look at the next level of support and wait for price to retrace and find resistance before selling this pair.