The Yen seems to be stall out at 85.00 to 85.30. As I have mentioned "A reversal to the upside has to come soon. I am actually looking forward to this upside reversal correction since end Jun 2010. I would actually look forward to buy USDJPY as I believe that the short to mid term trend is bullish. The long term for this pair is still bearish, but who knows PIPS could still be made in the short term range".
A conservative trade will be to look out of an attempt to create a reversal at the all time low at 84.80. Do look out clearly as the Dollar-Yen will be approaching this area very soon. Look out for reversal candlestick pattern such as the hammer or inverted hammer to initiate an entry long for the Dollar-Yen.
An aggressive trade will be to go bounce off the mid to short term uptrend resistance line, which might hppen soon. An good long entry point might be in the area of 87.10 to 87.30. Look out for other confirmation factors as well.
Happy trading....
