USD/JPY consolidate bellow the temporary top. Long or short?

Intraday bias in USD/JPY remains neutral for consolidation below $109.48 temporary top. The USD/JPY needs to make a breakout above this resistance to confirm the uptrend continuation. Further rally is expected as long as 107.48 support holds.

On the upside, break of 109.48 will resume the rise from 104.45 to 100% projection of 104.45 to 108.47 from 106.48 at 110.50. Take in mind that at $ 110.68 there is 61.8% Fibo retracement on the move from 112.40 to 106.13 and also it's near to an area that is a large, round, psychologically significant figure $110. Therefore this is going to be a major barrier to overcome.

However, break of 108.11 (bottom line of the Bollinger Bands) will turn focus back to November low $107.88, followed by 107.48 support area.

Pulling back from here could see plenty of support near the 200-day EMA + middle curve of the Bollinger Bands and judging the way this market has traded over the last several hours, it’s likely that we are simply ready to go nowhere at this point. Quite frankly it’s almost impossible to imagine a scenario where we can make a move without some type of catalyst at this point. And may be later today we can receive such catalyst from Powell's testimony... Who knows? Let see!

What's your opinion?