USD/JPY 1H chart 2/20/2013 10:16AM EST
Bullish breakout: Still, the latest swing was a bullish swing, and price is now testing the consolidation channel resistance, at the cusp of bullish breakout. A rally above the consolidation channel resistance along with the RSI clearing above 60 should be a sign of another bullish swing development. Taking the previous swing, the projection would be to about 95.05. The 95.00 handle is also the 2010-high, and a level to expect some resistance.
Failure to break from consolidation keeps the market guessing even more. The bearish outlook however should be shelved until a break below 92, 91.80, after which we would have topping action, and be more confident of a bearish correction.