When examining the "Big Picture" of USD/JPY on the daily chart, it can be clearly seen that the pair has recently bounced off the support level of well-established trading range that goes back to March of 2017, with the support level that goes back to March of 2018. The daily chart also shows volume spikes that happens each time whenever the price approaches the upper and lower range boundaries, including the latest recent test of the support level last August 26.

Figure #1: USD/JPY Daily Chart

The shaded areas highlighted on the chart above show price dips as indicated by price action. When the moving averages of the MACD indicator dip below a threshold of -.051, which is derived from the low of the smallest dip. The return of the moving averages to a positive slope, and crossing back above -.51, is typically followed by a rise in price. These are favorable setups for long trades. The MACD moving averages has just recently crossed above the -.51 MACD threshold following a significant dip. If the pattern continues, a setup for a long trade exists.