USD/JPY Price Analysis: No sign of a break out just yet

USD/JPY is trading 0.25% lower in a mixed session for the dollar on Friday.
The pair has been in a 2 big figure range for a month now.

Rajan Dhall, MSTA FX Daily

USD/JPY 4-hour chart

USD/JPY seems stuck in a sideways range. In historical terms, if there was this much uncertainty in the world the yen would be going through the roof. In this new normal FX world, it seems there is lots of support for JPY ahead of 104.60 on the weekly chart. In more recent times 106.00 is a very strong zone and on the chart below any movement toward the area is met with some strong buying.

Looking closer at the chart below, the buyers came in at 106.60 on Friday. If there is a break either side of this range it could give us a good indication of the future path of the pair. The indicators are looking pretty bearish at the moment. The Relative Strength Index has hit the oversold zone and since the indicator has moved back up and is tilting to the downside again. MACD histogram is in the red and the signal lines are under the mid-point, which is again bearish.

Additional levels

USD/JPY

Overview
Today last price	106.93
Today Daily Change	-0.27
Today Daily Change %	-0.25
Today daily open	107.2

Trends
Daily SMA20	107.25
Daily SMA50	107.42
Daily SMA100	107.73
Daily SMA200	108.4

Levels
Previous Daily High	107.4
Previous Daily Low	107.1
Previous Weekly High	108.16
Previous Weekly Low	107.04
Previous Monthly High	109.85
Previous Monthly Low	106.08
Daily Fibonacci 38.2%	107.21
Daily Fibonacci 61.8%	107.28
Daily Pivot Point S1	107.07
Daily Pivot Point S2	106.93
Daily Pivot Point S3	106.77
Daily Pivot Point R1	107.37
Daily Pivot Point R2	107.53
Daily Pivot Point R3	107.67

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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