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

On the Daily chart above, given the time of this posting, it’s not unexpected that traders have already made some decisive moves regarding the direction in which price would go; however, we should still expect more decisions to be made before today’s trading hours close. On the USDJPY, we would observe the bulls are resolved to hold on to their reign despite the pro-bears signals we identified yesterday. Earlier price action today saw price moving decisively above the upper edge of the downward or bearish channel – breaking in the process the previous day’s high @ 90.50 (not highlighted). That suggested to us the bulls now have enough drive to push further northward, at least toward the most recent Daily swing high @ 91.26 (which we've highlighted using the blue broken line).

On the H4 chart above, price has broken the most recent swing high @ 90.50 (which we've highlighted using the lower blue broken line) upward. That again shifts our bias in favor of an upward price move. We could observe the critical resistance level @ 91.26 (that we've highlighted using the upper blue broken line), which we discussed on the Daily chart. Please let’s keep the level in mind.
The green horizontal line @ 89.70 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.