Trend is bearish in 4 hours time frame of USD/JPY currency pair. Based on Elliott wave analysis, I expect price to drop and support is present at 119.05 price level. Market is most likely going to break down the support level. So, wait for a break down in price and then look for a possible sell trade in USD/JPY currency pair. However; if price moves up instead of going down then I will stay out of the market and reanalyze the price action of USD/JPY currency pair in 4 hours chart.
