The USDJPY has weathered the gap down, filling the gap and forming two HL's (higher lows) in the process. I talked about in this weeks FX market commentary to look for buy signals off the 94.50 key support level. The pair formed a daily pin bar off the 20ema, and then on the 4hr chart formed two with trend pin bars showing the dips are being used as buying opportunities (chart below).
Now the pair has to take out the key double top resistance at 96.50, so bulls can look for a breakout pullback setup, or a corrective pullback towards 94.50. Bears can look to the upside resistance for price action signals to sell the pair should the level hold.
Good Hunting for today as I suspect the Cyprus situation isn't going away now that ATM's are starting to get low on cash and the banks are closed till next tues (can you say bank run or jog on the way?)