Today on USDJPY – This pair and other major pairs seem to be in a consolidation phase.

On the Daily chart above, since the beginning of November, the USDJPY currency pair, as well as other major pairs, seems to have been consolidating. This indicates that investors and traders are currently indecisive as to which currencies to support or dump. From a fundamental perspective, this action is most likely not unconnected to series of important reports being released in Europe and the US this week.
We would notice on the USDJPY Daily chart that price is currently within a symmetrical triangle. While our bias is still heavily in favor of a downtrend, we would like to see price break below certain support levels: the first would be the lower edge of the symmetrical triangle, and the second, the most recent Daily swing low @ 89.43 (which we've highlighted using the blue broken line). Again, our bias remains bearish, but, currently, the coast isn’t just clear enough for us to seek Short trade set-ups.

On the H4 chart above, currently buttressing our view that the pair is in an indecisive mode is price’s reaction around the most recent swing low @ 90.04 (which we’ve highlighted using the upper blue broken line): although the 90.04 level has been breached, we could notice price is struggling to stay below it as the last fully formed candle not only closed well above it, but also closed as a reversal candle.
One of the critical support level discussed on the Daily chart - the most recent Daily swing low @ 89.43 (which we've highlighted using the lower blue broken line) is also shown on the H4 chart.
As earlier said, our bias remains bearish, but, currently, the coast isn’t clear enough for us to seek Hourly Short trade set-ups.
The white horizontal line @ 91.30 highlights the most recent swing high, and as long as price stays below it – in the absence of any new and lower swing high – our bearish or downward bias remains intact.

However, in case the coast eventually gets clearer, we still need our Hourly charts – using Fibonacci retracement levels and important resistance levels – to seek promising areas to take our Short positions. Price pattern on the Hourly must also be forming lower highs and lower lows.