The USD/JPY is showing signs of a rejection just below important 111.00 level. Here is the scenario that should come in play.
The price has reached the confluence zone just at the middle BB line and it could reject further down towards 110.40 and 110.20. Traders should be monitoring a close attention of any reversal patterns after another retest of the zone. Only a close above 111.40 could return the pair to a bullish territory. Watch for the reactions and act accordingly.