As this USDJPY
chart on the weekly timeframe
shows this pair is still technically in an uptrend. That said, it appears to be trapped in a 1,000 pip range providing us with plenty of trading opportunities and that likely will continue for quite some time yet. Our sense is that the trend will continue given the macro situation and the overall economic climate (ie. the strong possibility of an interest rate hike by the Fed in the next few months). The only way that we can entertain the possibility of a reversal is if the price breaks the trendline
and drops below the box. That would require a fundamental catalyst of sorts that at this point is hard to imagine. The 116.00 level appears to be very firm and before it breaks we'll likely see further re-tests of the 125.50-126.00 level first.