USD/JPY:
79.31
Very Short-Term Trend: Sideways
Outlook: USD/JPY continues to trade in very tight range (20-30 points per day). On the face of it, nothing has changed. But the price structure has deteriorated a bit and I no longer like the upside here. A move below 79.20 will actually signal a downside breakout of the recent range and weakness toward 78.05 will become likely.
Only a move above 80.20 will turn the hourly picture positive.
Strategy: I favor exiting the long position from 79.36 and to stand aside.