USDJPY Jul 04 to Jul 08 Outlook

Recap
As expected yen failed to escape out of the range established in the past few weeks. Tried to take out Y+2 and failed. Fell ack down to Y-0 and tried once more to the upside and rejected. Closed the week close to and above Y+1.

Outlook
As Y+2 was rejected decisively, the pair is likely to be forced to go back down to retest B-1 and Y-1 zone. No real direction is established from the price action of last week so congestion is expected to continue into this week.