The USD/JPY pair is trading with a bullish bias at 104.350, and violation of this level is likely to lead the USD/JPY pair until the 104.745 level. On the lower side, the USD/JPY may find support at the 104.198 level. We can expect USDJPY to bounce off upon the 104.198 level today. On the 4 hour timeframe, the USDJPY pair is likely to close a doji candle below 104.368 level. If this happens, we may see a bearish correction in the USD/JPY pair.
Entry Price – Sell 104.22
Stop Loss – 104.62
Take Profit – 103.82
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
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