USD/JPY couldn't break the monthly support of 112.02 convincingly, hence a reversal in momentum following the rejection of this level. Price structure has been broken as the consolidation zone and both the EMAs have been taken out as the previous candlestick has closed above on the H4, enticing a strong bullish move. The 61.8 fibonacci retracement has been fulfilled on the daily timeframe which suggests that this pair can now continue to the upside once again. The previous bearish move was a well due correction and now we can see this pair fly back to 114.00 and beyond. 165 pips target with a 80 pips stop loss.
Cancelled a few pips in loss as i looked back to this pair once again and noticed the head and shoulders pattern and heavy rejection around 112.60, hence my other setup.