USD/JPY bulls have taken back control and the price is now much higher according to the daily lows. Technically, on the four hour time frame the price is below all of its moving averages. Technical indicators remains around oversold area, but lacking directional strength and leaning the risk to the downside. Currently the price is standing at around 112.80, the 20-day SMA and next bullish targets is seen at 112.95, which if broken will open doors for testing the psychological 113.00 level.
The short-term outlook for USD/JPY remains bullish, as the price has recovered above the directionless 200-day SMA and is developing below the 100-day SMA , which is heading north at around 113.35. Technical indicators on the four hour time frame have entered into positive area with the RSI advancing at 52 but the Momentum lacking directional strength. A firmer brake above the above mentioned 100-day SMA might bring additional gains, as long as the positive mood persists.
USD/JPY is trading between its 100-day and 200-day SMAs, with the shortest above the current level. Technical indicators on the four hour time frame turned to south within positive levels, but rather indicating the absence of buying interest than suggesting an upcoming decline. Little should be expected for today, although some risk headline could send it down to the 112.60 price zone, while to the upside, the main resistance is 113.35, with a bullish breakout of this last unlikely today.
USD/JPY came under a modest selling pressure today and slumped to its lowest level of the day at 112.71 and currently is trading at 112.74. First support is seen at 112.60, ahead of 112.15 and 111.60. The upside offers resistances at 113.00 ,113.40 and 113.70.
USD/JPY is trading at daily highs 
During the the majority of the day USD/JPY was trading within a relatively tight range around 113.20,but in the last hour the pair rose to its highest level in 10 days at 113.43., breaking above both the 50-day and 200-day SMAs. In addition Momentum is positive and the pair is trading alongside an uptrend channel. The 113.75 level holds USD/JPY down since mid-November and is a substantial resistance. The downside offers 113.00 level as support line and also holds the pair down since earlier November.
USD/JPY is consolidating around one-and-a-half week tops, above mid-113.00s. The pair lacked any firm directional bias and seesawed between tepid gains and minor losses.
USD/JOY is technically neutral in the four hours chart with technical indicators having retreated from oversold readings but holding nearby, and the price developing above all of its moving averages. Beyond 114.05, the pair has room to extend its advance up to 114.54, October high, while bulls could give up only on a break below 113.20.
Price getting real sticky @ 113.400 crossover still giving me bearish signals if it can break this lower point it can possibly push it further down, inversely positive USD data tomorrow can have us right back at the 114 R levels once more.
USD/JPY lost a handful of pips following the release of the FOMC minutes although lack of follow through and price clings at 113.45. The pair is currently trading in the 113.30 area and at risk of extending the slump, particularly on a break below the mentioned daily low of 113.20 that will dent bullsā determination.
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Looks like it might go on a slight bullish run donāt think weāll be seeing 114.000 until next week, but I believe an upper 113.700/800 can suffice on the reverse it can also go towards the 113.400/300.
Trade place @ 113.610
TP @ 113.720
SL @ 113.400
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Nice, youāre right. I see it going towards that 4hr resistance at around 113.778, then possibly reversing to the downside OR it could break through that level towards 114
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Right mate. Right now just pretty much letting that trade hang if it goes my way so be it and if not (at least I risk near nothing). 
Okay so it started retracing back towards the downside,I originally thought it would go up to the 113.648 - 84 resistance level, then retrace back down,it;s all about learning from your mistakes in order to minimize them ,Iām already looking forward to next week !
Yeah I see the retrace forming it was about 1 pip away from my TP line. I definitely felt I placed the trade into late, my initial plan was to take it @ 113.550 just to 113.650. Like you said you learn from your mistakes most importantly. My trade is still in, SL @ 113.400, Iāll let it wade out for the weekend anyway since Iām only risking 1 unit. Hoping for a smooth deal or a hampering thatāll cause a flutter on the Asia side.
do you normally keep trades open over the weekend? Thatās scary as hell lol but as as long as your SL is set at a good level then you should be good either way
No I usually donāt but again when Iām literally only risking 1 unit so I donāt actually mind. Iāll be losing fractals of a cent if anything.
Yeah the stop loss helps, but if price gaps past your stop it can still be catastrophic. Most of the time holding over the weekend isnāt a huge deal if there is no huge macro events going on. Just pray for no wars to break out lol
Looks like you were right on the initial push down, but it came right into demand. Are you generally trading shorter term time frames? If so that short may have worked out but I liked the Long entry at the 240min demand level. Took it up to 113.7 last two days for 50 pips.
Yeah I trade on the shorter time frames (15MIN,1HR,4HR) so I usually wouldāve started pushing my SL as soon as it passed the 5 pip profit I just wanted to see how itāll marinate. Iām usually in and out of a position within the day.