for recent days on dollar yen we see a retracement as the market established new higher high on 114.5, as the market hit that level, many traders started to close their buying positions, so bears come into play. on a daily tf the trend is still bullish, so now I am looking for a zone for entry.
from my chart you can notice that market is trailing inside a rising parallel channel, looking left we can identify decent levels of structure to focus on.
such analysis helps as to define a potential reversal zone.
as the market reaches this zone, I will be looking for hourly tf for additional signals.