Momentum up since the low at 1.3140 with the current pattern 8 green candles in a row.
1.3385 is the current obstacle while 1.3461 is key resistance.
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While the bounce from just below 29K is encouraging, a solid move above 30K is needed to put the bulls back into control.’
Otherwise, it is still consolidation while trade is between 29-30K.
USDJPY is trading back above 162 with its 40 year high at 162.84 looming above.
This has raised the risk of BoJ intervention, where its tactics have changed from verbal warnings => then actual intervention to no warning => ambush with covert intervention to keep traders off guard and guessing.
Current pattern: 4 days pivoting 7500, rewarding range traders at the expense of those looking for a breakout.
In any case, the longer the pattern goes on the greater the risk of a directional move (in the direction of the breakout) once it is broken.
Is the bottom in?
3 green up candles and signs of momentum on short-term time charts are encouraging signs but a solid move above 4200-20+ followed by breaks of the daily trendline and 4381 would confirm the shift in risk.
Signs of a bottom (higher lows: 1.1361/1.1324) that would need to take out 1.1622 to confirm the low in in.
This leaves room to trade within the broader trend where 1.1473 (also 50% of 1.1622 => 1.1324)) and 1.1508 (61.8%) would need to be solidly regained to give legs to run this higher.
Test
