Upside in the medium/long term for the USDJPY

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The pair continues to trade in a random walk manner, we see clear upside in the medium/long term for the USDJPY as the path of least resistance for stop loss hunters lie on the upside. However, more usd may have to be accumulated at the lower levels before the cap is lifted from the pair on the upside.

BEAR CASE
WE think price could revisit the 107 levels before finding conviction to the upside.

BULL CASE
if this is the bottom for the pair, we see prolonged upside to the 124 levels in the coming months and years

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