USDJPY analysis

Long-term

Daily and weekly charts indicate a long-term bullish trend with the MA(50) riding high above the MA(200) on the weekly and crossing upwards on the daily. The trendline of the daily price lines up with the MA(200).

If 113.75 is crossed, it will be a bearish signal. This support level is formed by the previous high (which is 113.75) and re-inforced by the previous high of 114.85. The question is whether or not the market is "deep" enough to handle the amount of people buying or selling into it. If, after passing near 114.00 the price climbs above 115.00, I will take it as a confirmation of the trend and generate a buy signal (Buy USDJPY @ 115.15/114.85/120.90). Otherwise, if the price instead drops below 113.45, I will generate a sell signal (Sell USDJPY @ 113.65/95/112.60).

Short-term

Shorter-term, the strong support will be 116.70 from the hourly chart; 115.95 from the M30 chart; and 114.85 from the M15 chart.

The M1 and M5 charts indicate a bearish trend. This will continue until the instrument hits the pivot region around 114.85. The pair is trading in the 118.00-117.75 range. The supports below the range are at 117.50 and 116.70. If the instrument breaks below 117.75 I will generate a sell signal (Sell USDJPY @ 117.75/118.05/117.00). Otherwise, if it breaks out above 118.05, I will generate buy signal with a target of 118.90 (Buy USDJPY @ 118.05/117.75/118.90)