USDJPY: Standing Aside Amid Volatility
Looking past this week’s knee-jerk price action, USDJPY has done relatively little over the past six months, with prices firmly range-bound between 80.23 and 84.80. A Bullish Engulfing candlestick pattern completed in November has not triggered follow-through nor succumbed to invalidation, hinting at a cautiously upward bias amid current consolidation. With that in mind, the day-to-day volatility we have seen recently argues strongly for a position on the sidelines until the dust settles and a clear course can be charted.
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