USD/JPY: Waiting For A Breakout?

The USD/JPY correction has been continuing for months now, but the pair is making yet another attempt to break above the resistance at 121.90.  The pair has attempted to break above that level twice already – back in 2014 and more recently in March this year, but failed both times. This is the third attempt, and who knows, this time might be charm. That said, I will not be opening any new long positions before I see it break above the resistance and I am on the lookout for any candlesticks that might indicate another move to the downside even though I think said move would likely be quite limited.