Hi traders, this is my own analysis and perspective, and it is purely based on technical analysis.
USDJPY is in a ranging market structure, and it has a gravestone on the top of consolidation. Although overall the major trend is UPTREND, we still have an opportunity to short.
Short opportunity: Follow the blue arrow on the chart. I'm forecasting the price will drop to 113.10 or 112.46.
Long opportunity: Follow the red arrow on the chart. If the price formed a reversal signal at 113.10, which is 0.618 of Fibo and also previous trendline, it is a good opportunity to do a long trade.
Thank you.