The USD/JPY pair retains its neutral stance, as it has been hovering around the current level for over a week. Valeria Bednarik, a Chief Analyst at NDDFX, takes a look at the USD/JPY technical picture.
“The 4-hour chart shows that the price converges with directionless moving averages, which stand in a tight range.”
“Technical indicators, in the meantime, move back and forth around their midlines, without directional strength.”
“The base of the range this week comes around 107.20, with a clear break below favouring a slide toward the 106.50 region.”