The rate is trading at 149.13, almost flat from yesterday close but activity is clearly bullish as trying to make a breakout of the ascending channel, that if will succeed would lift the pair very likely to test 151.87, a level reached last year but before was traded last time on 1998. In case this static resistance will be won USD/JPY could see an advance triggered by trading systems, which probably will be overlapped to same catalyst , e.g. the BoJ.
As long that USD/JPY would continue to trade inside the channel the framework would be positive albeit traders with shorter time horizons with a preference for higher risks and timing would be able to place some trades with the expectations that USD/JPY would trade to the lower side of the channel. Standard Deviation on 20 session is at year lows, thus if we consider the possibility of mean reversion volatility is expected to get back, while the RSI on 14 sessions is just below the overbought territory.
