With the dollar strength since the presidential election, USDJPY
has just been ripping it to the upside. The US rate hike has only brought in more buyers. Given the strength, it would be foolish to look for shorting opportunities so we are on the lookout for good opportunities to buy. The 114.75 level is a key institutional level that we are watching very closely. If price can manage to make its way down to the figure it could be a very good time to buy. We will monitor price action and post updates to this idea if we get entered into a long position on this pair.