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USD/JPY - Range Strategy and Breakout Anticipation

The USD/JPY has been consolidating since it plunged to almost 116 as we can see in the 4H chart.

USD/JPY 4H Chart 10/4


(click to enlarge)

The 4H USD/JPY chart shows a market that has been neutral for more than a month. Conventional wisdom would suggest buying in the support layer and selling in the resistance layer shown in the 4H chart .

Also, be ready fro a bullish or bearish breakout. To the downside, I would limit the outlook to 116. In my opinion, there is more upside potential for USD/JPY. A bullish breakout can open up the 2015-highs in the 125.25-125.75 area.