USD/JPY technicals: Flag or double-top
Nice looking formations on the 4-hourly USD/JPY chart, and all we need to do is figure out whether the flag formation (continuation pattern implying more gains) or the double-top formation (topping pattern implying a break lower) is dominant.
It’s pretty clear in my mind that the bulls have the stronger cards here. The recent trend is in their favour and burden of proof is with the bears, they must break and hold below 81.70 in order to confirm a turn of events.
I’d continue to play this range with a bullish bias but be ready to up the ante once we get a break in either direction.