USD/JPY bullish sentiment [June 11, 2017]

Trading with caution, this week will be very volatile with high volume,
also FED and BOJ decisions will greatly affect the market.
I will update as soon as possible if there are any newest developments.
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Trade setup
Entries : between 108 - 109.
Take profit : 112 - 113.
Stop loss : slightly below 108.
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Point of view
- market already pricing in 13-14 June us rate hike.

Technical points
- support at 108 & weekly sma50 at 109.
- resistance at weekly sma200 at 110.735.
- minor trendline from March 6, 2017.

Critical event
- FOMC statement on June 14.
- BOJ press conference on June 16.
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FAQ

• Are you sure about you point of view?
  technically yes, only a delay on US rate hike will completely alter this idea, then also 109 will become a potential resistance.
  
  
• Why the entry way far below at 109, aren't we already missed our opportunity?
  yes we might have missed it, but because UJ so far is still bearish in my view, price action evidence still bearish, and recent US data release are mixed. I believe UJ still have potential to move downwards in few days. As close as weekly sma50 are better entry, better SL/TP ratio. Also noted that there are possible false breakout between 108-109. Look for 1H / 4H / daily bullish candle around there.
  
  
• What if i have the urge to enter long at 110?
  you are welcome to do that, as long as you have plan to support your decision.
  
  
• Why is SL is right below 108?
  as we look in the chart, there are buyers on April 14, we are anticipating this area being tested again and a weekly sma50's false breakout.
  
  
• Why is TP is at 112?
  50% fib price retracement from May 10 high to June 7 low.
  
  
• What is about possible more pips?
  price move upwards testing weekly sma100 and a minor trendline.
  
  
• What if the upper minor trendline broken up?
  then more upwards move for UJ is very possible. We will wait for pullback for long entry opportunity. When that happen I will post new ideas.
  

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This is my personal analysis that you should not accept as it is without any consideration of your own analysis. Thank you.

Comment:

UPDATE June 15, 2017,

We got 109 entry those who catch up. Cheers! move SL to entry point.

Comment:

UPDATE June 16, 2017,

TP almost hit! Cheers!