USD/JPY
There is a rally in the market – in the context of a downtrend. Price jumped on Monday, but that was not significant enough to threaten the overall bearish bias on the market. A movement above the supply level at 106.50 would cause a bearish bias to be threatened, but that would require a strong buying pressure.
In the very short-term, things have become bullish. However, the medium-term bias remains bearish, unless price continues to rally from here. By then, the outlook on the market would have turned bullish.
