The USD/JPY is still in risk-on mode. The pair failed to close below W L4 & 5/8 MM confluence so at this point we see a further appreciation.
M H3, W H5 camarilla levels along with 7/8 MM and historical sellers formed a nice confluence in the 113-85-95 zone. A reversal pattern should follow after initial rejection from the POC zone if the bears wanted to gain control. A rejection from the zone should target 113.10 as a retest. Watch for counter trend opportunities in the POC zone. A spike and h4 close above 114.25 will completely negate the bearish scenario.
For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.