• USD/JPY looks and feels bullish but we’ve read this book before;
  • Charts show wedge consolidation between 96/99 (see chart) with an eventual bullish break favoured;
  • Diverging CB policies is very bullish for USD/JPY;
  • Soft risk sentiment is weighing on the Yen crosses, hence the current impasse.
  • On the day, buying dips towards 97.30/35 looks like best play.