Do not go long! Correction MUST happen before upside for USDJPY
This dollar yen is largely range bound this week. The following week could see more upside but we have a strong bias to the downside before sustained bullish price action can happen.
BEAR CASE
Structurally on the 4hr, price looks like it's ready to break out to the upside and it probably will break the top but the move should be fairly capped because the weekly shows that we need a deeper correction before we can see more upside.
BULL CASE
It is possible that price moves to break ATH but we think the move will be capped.
PS: We will not long this thing, looking for shorts only.
BEAR CASE
Structurally on the 4hr, price looks like it's ready to break out to the upside and it probably will break the top but the move should be fairly capped because the weekly shows that we need a deeper correction before we can see more upside.
BULL CASE
It is possible that price moves to break ATH but we think the move will be capped.
PS: We will not long this thing, looking for shorts only.