I perfectly understand why many people draw short on JPY, it really looks risky. But look at the weekly chart from a certain angle.
A kijun/tenkan cross was formed just inside the cloud and the candles was held on the inside cloud boundary. 1 candle, which will take the price above 138, will quite push the price to the top at 152. Anyway my experience shows that such constructions (the cross inside the cloud on the weekly timeframe) cannot be ignored. There seems to be a build-up of hedge positions for insurance and the yen is traditionally in demand.
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That's right, hedging is growing. Two weekly gray crosses, going up. Hence the rise of the SPX is a bull trap. Watch the Yen to understand the outlook for the crypto market.