USD/JPY has been going sideways for the last 3 months and I see no reason for this to change just yet. The bullish daily trendline held very nicely near 101.25 and that will be giving the bulls some renewed hope that another spike higher might be in the offing. But with the market still reportedly quite long, it’s difficult to see where the momentum will come from. Some of the crosses like EUR/JPY and NZD/JPY are looking over-bought on a medium-term view and USD/JPY will not rise if the crosses turn bearish.
The wide range here is 100/105 and we are currently exactly in the middle of this. I’m leaving this pair alone.