Pair is cosolidating around 109.00 level for three days in a row. Everything is taking place between two Fibonacci retracements at 109.44 and 108.70 levels. Also, we can easily scope forming trangle formation on USDJPY:

USDJPYH4In just couple of minutes we’ll be witnessing new retail sales report from US, which might help USDJPY to break formation in which it stays. At morning (6 AM GMT) pair tested the bottom line of triangle, and since then it has some problems to test the upper resistance. If we change interval to hourly, we will scope bearish channel inside of traingle formation. Now, right before data everything depends on the reading, but you should definitely have an yey on USDJPY:

USDJPYH1

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