USDJPY - WATCH - At the moment, too soon to be bearish.

Seems like the majority of traders are short. I understand the motivation. Strong bullish move, now UJ is up against strong support, it's easy for a trader to short in expectation of a correction. The shorts may end up getting it correct, but you shouldn't remove the possibility of a bull continuation. I'm neutral for the moment, but my bias is more bull than bear. There is just not enough support either way to jump in. I expect the trade (direction & entry point) wont take long to develop.

I'll be watching this pair. I have no open trade at this time.

See the charts below and my comments.

1M (below): April closed with bullish price action. May taking off strong, however only 8 days in the month. Based on April's close, could see UJ rise to 115 -116.

1W (below): Most are seeing UJ bumping up against the trend line and expecting a correction. AND this could very well be the case. However, with the bullish price action leading up to this, we can't dismiss the possibility of continuing higher to the LT Trend Line.

1D (Below): This outlines the 3 possible scenarios. 1. Continuation; 2. Pullback - Continuation; 3. Correction