Today on USDJPY - Daily and H4 charts support Long trades.

On the Daily chart above, earlier this week, we expected further bearish movement – in line with the major downtrend, however, the bulls proved they weren’t prepared to let go just yet. Price continued its upward retracement, broke above the most recent Daily swing high @ 90.45 (which we've highlighted using the lower blue broken line); and now, it seems set to test the next resistance level – a resistance confluence of fib 38.2% ret. and the most recent Weekly swing low @ 91.71 (which we've highlighted using the upper blue broken line). From a day-trade perspective, though price has already moved a considerable distance today, we can still seek opportunities to go Long, using our Hourly charts.

On the H4 chart above, price has broken the most recent swing high @ 90.77 (which we've highlighted using the blue broken line) upward. That sustains our bias in favor of an upward price move. The green horizontal line @ 88.82 highlights the most recent swing low, and as long as price stays above it - in the absence of any new and higher swing low - our bullish or upward bias remains intact.

However, we still need our Hourly charts - using Fibonacci retracement levels and important support levels - to seek promising areas to take our Long positions. Price pattern on the Hourly must also be forming higher highs and higher lows. Please note that our aim is to buy a dip in today's up-trend.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.