The USD/JPY is still in consolidation, as it has been stuck in a massive wedge for months. Thursday’s candle did nothing to suggest that was going to change anytime soon. The consolidation is so large that you will find trouble trading anything under the 1 hour chart, as there is so much choppiness at the moment.
However, the day’s bar does look slightly bearish as a move up was quickly repelled. The forecast for this pair is more consolidation, with a slightly bearish bias.
