Daily chart: The USDJPY pair is trying to break the resistance at the 98.25 level. Recall that last week, USDJPY had a strong bullish trend, which led it to break of the resistance at the 96.38 level. However, it is quite possible that USDJPY conducts a bearish rebound at the resistance level of 98.25 and then fall to the support level of 96.38. On the other hand, if USDJPY manages to break the resistance at 98.25 level, it would be expected to rise to the level of 99.81. The MACD indicator is in positive territory and there are still a lot of strength in the current trend bullish of USDJPY.
H4 chart: The USDJPY pair is finding dynamic resistance in the 200-day moving average. This pair is making a lower high pattern, to try to climb to the resistance at the 99.05 level. If USDJPY fails to overcome the 200-day moving average, it is expected to fall to support at the 97.00 level. On the other hand, if USDJPY continues with the bullish trend today, it is expected to rise to the resistance level of 99.05. The MACD indicator is in positive territory but is showing extreme overbought in this pair, so we must be careful.
H1 chart: At current levels, USDJPY is forming a Point of Control (POC) below the resistance at the 98.38 level. If USDJPY manages to find resistance at this level, it is expected to fall to support at the 97.64 level. On the other hand, if USDJPY manages to break the resistance at 98.38 level, it would be expected to rise to the level of 98.85. In this chart, USDJPY is above the 200-day moving average and the MACD indicator is entering neutral territory, so we must be careful to do intraday trading for today's session in this pair. We should note that quite possibly, USDJPY is forming a lower high pattern, to continue strengthening its overall bullish trend.
Fundamental Outlook: For today's session, we do not expect economic events of high-impact for the USDJPY pair.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD/JPY pair breaks with a bullish candlestick, the resistance level is at 98.38, take profit is at 98.85, and stop loss is at 97.93.