In our previous analysis published on 18th Sept on USDJPY, we anticipated dovish stance being adapted by USDJPY on the daily chart based on the resistance zone 110.40-110.70 but the scenario on the four hourly chart is supporting hawkish projections and we considered to shed some light  for our viewers and retail traders to better position their trades and not to get deviated from the actual scenario because of the mixed sentiments on the pair.  Now, the US Dollar versus Japanese Yen took a bearish retracement from our upper trend line 110.20 on 13 sept but was once again strongly supported by our major support zone 108.80-109.20 and took a bullish reversal, also forming a structure of inverted head and shoulder pattern of a minor degree in four hourly chart. The bullish reversal was strong enough to break above 61.8% fibb level 109.54 and is currently trading below the Senkou Span A of the ichimoku cloud in daily time frame. USDJPY has broken above our upper trend line this time with a bullish closing above in four hourly time frame but the momentum seems to be limited by the ichimoku cloud and weekly resistance zone 110.40 - 110.70. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Focusing on the bullish scenario here, USDJPY needs to accumulate above the trend line and 109.60 - 109.80 in order to continue its hike towards 110.45. The drawn fibb level on the four hourly chart shows that the pair is just standing near 61.8% of the fibb retracement level after breaking above 109.77 i.e 50% fibb level. On the dovish side, if US Dollar versus Japanese Yen failed to stay above and bears took control by bringing down the pair towards 38.2% fibb i.e 109.52, it will still be above our 61.8% fibb level on the daily chart - indicating that no matter what, dollar is bullish above our major support zone 108.80-109.20. But lets not be all bullish with long targets, our first take profit zone would be 110.70 and after that we will update our viewers in accordance to the formed market structure in that zone. 

USDJPY

Sep 19 2021