USDJPY Where To Next ????? 147.5

Yesterday I posted a SHORT idea on the USDJPY were I was looking for a break and close with SELL signal on my indicator of the bearish flag pattern that was forming while paying attention to the CPI which came in above expectations and blew any shorting opportunity out the doors lol.

As explained yesterday if we got a break above Monday's HIGH we would then go up and test last week's high this happenned this morning so where to next ?

For now 145 is resistance and we have already seen warnings coming from Japan's Top currency diplomat today regarding intervention the warnings seem to be intensifying.

A break above 145 will likely bring the market up towards the 1998 high if this happens then it will be a key level to look for shorting this market for a turn back down towards 140 or below pretty quickly though I will waiting for a SELL signal on the Daily chart from my indiicator for the market entry.

If 145 holds again will like to see a SELL signal on the daily chart from my indicator to SHORT the market.

In terms of BUYING the pair I would be extremely cautious attempting to BUY at the current levels as we are approaching key levels and the verbal warnings from Japan are intensifying best ideas for buying would be down towards the 140 or below areas.

The best risk/reward ideas are to the short side giving the current levels we are at though it's waiting for the right signal to confirm the entry will keep you updated.