The USDJPY is forming a triangle pattern between 118 and 117.25. A break of either level will push the price towards 119 or 116 respectively. The trend is neutral as the price is moving sideways. I prefer to be shorting near resistance.
Blue line - support
Green line - diverging RSI
The short-term support is at 117.25. Resistance is at 117.95. I prefer to sell bounces and buy dips near 117.25 or at least close half. I believe that eventually the price will break the triangle pattern to the downside and give us a push lower towards 116-115.
