I know, i know that at first glance USDJPY is making a bearish leg so the sane thing to do would keep selling until the momentum shifts. Right? well looking at the bigger picture that might not entirely be the case. Paying close attention to the daily timeframe, price has been making a series of Higher Highs and Higher Lows after the flash crash we witnessed earlier in the year. The missing piece of the equation was a pending Higher Low which so happened to be formed this past week with the aid of NFP volatility. Now, price still needs to break the bearish structure on the hourly timeframe in order to consider any long positions with targets at a new Higher High on the daily timeframe. Price is also sitting slightly below the 38.2 Fib level and most importantly, Consolidating below it. With that being said, i'm open to whatever way price moves keeping a close eye on 111.215 for further action to be taken.