USDJPY Weekly Technical Outlook
USDJPY market operation is in a bullish technical structure. It made more than 61.8 Fib retracement of the 114.810/151.940 bullish swing and disposed northward. However, presently, it is sideways within the 134.940 horizontal resistance area.
USDJPY price action on the daily time frame is retesting the 134.140/138.400 horizontal resistance zone (red) and presently experiencing some bearish challenge. Although the dominant technical structure is bullish, we may still see southward liquidity engineering before further northward drive.
USDJPY price action on the H4 time frame is in a consolidation mode as it tackles the 134.140/138.400 horizontal resistance zone (red) seen on the daily time frame. The dominant technical structure is bullish.
I may be wrong. Trade safe and prosper.