USDJPY needs to move down before sustained upside can be found

We predicted upside in the short to medium term. This week price continued to trade in a random walk manner. We see areas of value to the downside that needs to be liquidated before price can continue a sustained uptrend. We expect choppiness in the upcoming week.

BEAR CASE
We want to see price move down in the medium term to break that 107.000 level.

BULL CASE
If the markets find conviction the upside, price will continue to trade range bound in the channel that was drawn out.