USD/JPY is currently trading with a slight bearish bias. The pair went long for the better part of yesterdays trading day but could not close above 122.047, instead the pair is currently on a downward corrective move. We are waiting for the current downward pull back to reach 121.319 before we continue long. Although This upward movement is highly anticipated since other positively correlated pairs such as HKD/JPY is currently headed long, we are waiting for GBP/JPY, a positively correlated pair, to close above 187.55 before we can buy this pair. Ideally, wave (c) should close along 122.047, or even above.
Remain short in the short run as long as GBP/JPY and HKD/JPY remain short but with a Stop at 121.31. Then buy at 121.044, But with Tp at 121.31, and the next at 121.59.