Majority of traders are still holding onto Longs. This means we should continue to Sell USDJPY.
When the price rises, a signal is formed (orange labels), which implies a downwards movement.
The activity of "fresh" buyers in an uptrend may indicate that the market expects the recovery of the bull trend. However, according to our analysis, this movement is corrective and we expect the price to go down.
In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous bottom. This is a good level for placing take profit according to our forecast.