USDJPY May 16 to May 20 Outlook
Consolidation within 50% of previous week range. No serious attempt to break out of the range at all. Closed the week at midpoint of the week and also near the midpoint of previous week.
It is a wait and see situation. Many traders are waiting for someone else to take the lead for the next move. The setup is now complete for a major breakout to either direction.
A successful breakout above Y+1 and that previous month close acting as support will confirm the long term bottom.