USD-JPY Showing Weak Uptrend

The chart above shows a weak uptrend, largely because the prices have pulled back further for the past week and are now close to the 100-day moving average. The daily oscillators are far from oversold levels, and the daily Stochastic indicators have just given a sell signal moving down from the overbought zone. As a result, inconsistent trading with a somewhat downside bias will likely be evident in the coming few days and weakness toward 82.50/82.10 is likely. If the decline from the April top remains corrective, we may consider a long position in a week or two, but for now, it is best to remain on the sidelines for now.