The situation surrounding this cross is quite intriguing. The price moved sideways on March 5, rose upwards later that day and on March 6, but then consolidated throughout last week. The consolidation can continue this week, but a rise in momentum is also expected. When a breakout occurs, it will most likely be in favor of the bear, because the outlook on JPY pairs is bearish for this week.
There is a Bearish Confirmation Pattern in the market, and it would become clearer as price goes further downwards, owing to a bearish outlook on JPY pairs. Therefore, initial targets may be put in the demand zones of 131.00, 130.50 and 130.00.