USDJPY Jul 15 to Jul 19 Outlook

Recap
As expected BOJ did its part and ninja got pushed down to almost Y-2. On pure price action basis, the FBO reaction to Y+1 gave us Y-0 and then Y-1. The violent reactions below Y-1 was obviously stop run. Closed the week at Y-1 and below midpoint.

Outlook
It looks like the start of a weekly level pullback. As long as ninja is trading around the prescribed bottom of the range at 98 this should be treated as a consolidation.