USDJPY Price Action – Solid Profit Taking, Bull Trend in Play | Nov 20

USDJPY – Solid Profit Taking, Bull Trend Still in Play (1hr chart)
After pinging off 119, the pair sold off about +125 pips before finding a ST base. There is a 1hr pin bar off a key intra-day level at 117.75, showing some interest to buy before the close of day.

I can’t say i’m 100% convicned about buying at 117.75 (yet). I’d like to see more basing here preferably, as I’m potentially expecting a deeper pullback. 119 is ST resistance, but I’d be open to buying at 117.06 should we get a deeper push lower, or at 117.75 on a really weak intra-day pullback.

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