USDJPY Jan 05 to Jan 09 Outlook

Recap
Ninja failed to clear Y+1 gave us a drop to Y-1. Ninja reacted to Y-1 but it failed to stop the drop right there. A bear flag on 4 hour was formed. Drifted back up to retest week high. Closed the week above Y-0 and midpoint.

Outlook
Since 120-121 has been the last significant topping zone on multi-year basis, there are many people who will react to the price level here. Thus, a sell off from here breaking B-1 is normal with B-3 target below.

That, however, would not change a thing about the weekly up trend. Just volatile reaction to the level. Until we see weekly level swing trend changes, ninja will continue to charge higher after every daily pullback.