I am looking for a sell trade opportunity in the USD/JPY. Here is my observation:
The pair has been harmonic in the last few weeks as it has been reacting from a natural resistance/support level.
The recent movement shows that the Fed rate hike of 25 BPS has already been priced in, and there is no more significant bullish factor for USD/JPY now because today's US PMIs were mixed.
My plan is to sell it if it goes below the low made after the PMIs release today or if it closes below Ichimoku cloud on the M30. I plan to hold this trade unless the USD/JPY closes above the Ichimoku. I may close the trade before any significant news though.