USDJPY is trading in a strong bearish trend . The price is falling in a major falling channel for a quite long period of time.
However, since November the price is in consolidation. The market is stuck within a 103.7 - 104.7 horizontal decision range. While the price is inside, the future direction of the pair is unknown. I am waiting for a breakout.
In case of a bearish violation, sellers will most likely push the market lower. Goals will be: 103.3 current structure low 103.0
In case of a bullish violation, with a high probability, the price will go higher. Next goal for buyers will be: 105.4 current local structure high.
Because the trend is bearish , I remain bearish biased. But who knows... We know how stubborn yen can be.
What do you think?