USD/JPY: Still firmly in consolidation range

USD/JPY has been stuck in a 116/121 range since early December and it looks likely to stay in this range for some time to come. There are conflicting positional forces at play, with USD/JPY players still very bullish and long but the EUR/JPY speculative market seems to be quite short and prone to short-squeezes; hence the lengthy period of uncertainty.

Waiting for range edges with tight stop-reverse policies in place seems like the sensible way to play USD/JPY.

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