Do traders want to be so bearish?
If you look at the USDJPY, the price action is back and forth today and really over the last few weeks as well.
Currently, the price is trading more toward the low extreme over that time period. It is also below the MAs I (and the market) tends to follow. The closest is the 200 bar MA on the 4-hour chart. That comes in at 101.727. The 100 hour MA is at 102.09. The 200 hour MA is at 102.189. The 100 bar MA on the 4-hour chart is at 102.499. All those are above the current price. So the bias – technically – is bearish.