USDJPY Still Bullish… But This Is Where Most Traders Get TrappedUSD/JPYOANDA:USDJPYEdgeTradingJourneyUSDJPY continues to trade in a clear bullish structure, with consistent higher highs and higher lows across the higher timeframes. From a technical standpoint, price is currently moving inside a well-respected ascending channel, and no structural break has occurred so far. This keeps my bias firmly on the upside. What makes this setup even more interesting is the positioning context: Retail sentiment remains heavily short (around 70%+), which typically supports continuation rather than reversal. At the same time, COT data shows early signs of accumulation on the JPY side, suggesting that while the trend is still intact, we may be approaching a more mature phase. Seasonality for March also slightly supports bullish continuation, although it’s not the primary driver here. My approach is simple: I’m not looking to short this market just because it’s “high.” Instead, I’m waiting for pullbacks into key demand areas within the structure to look for continuation entries. As long as structure holds, the path of least resistance remains to the upside. Key level to watch: Continuation toward the 161.50 – 162.00 liquidity zone. Invalidation: A clear break of structure on higher timeframes.