USD/JPY
The market is bullish in the long –term, but bearish in the short-term. Since March 26, a long-term bullish journey started, but short-term bearish effort was also started on May 21. The short-term bearishness is still in place and it is supposed to override the long-term bullish bias on the market.
The long-term bullishness would soon be rendered invalid. This is because there is a very strong bearish outlook on JPY pairs this month, and so, USDJPY would eventually become like other JPY pairs, which are already bearish.
