Today USD/JPY is trading at the level between the Premium and Discount Array Area according to the Interbank Price Delivery Algorithm (IPDA) 60-Day Data Ranges. If we look at the 4-hour chart, the pair aims to test 106.93 as the nearest liquidity Pool. If this level is surpassed, there is possibility the USD/JPY pair will go down to 104.75 as long it does not rebound higher than 109.39.
The overall bias of USD/JPY is bearish.
(Disclaimer)