USD/JPY bounced from the daily low at 106.05 but the short
term outlook remains bearish. The indicators on H4 are heading south and in
case of renewed selling interest under 106.00, the pair would be poised to extend
its decline towards 105.25.
has recovered from the lows and today is trading slightly above 106.00. However
the pair ramains range bounded until Wednesday when high impact is expected on
Fed’s rate hike.
It's possible, but right now the pair is range-bound, so without a breakout a direction won't become clear, I think.