USD/JPY Price Analysis: Off session highs, stuck in a narrowing price range

  • USD/JPY has charted a narrowing price range over the last 48 trading hours. 
  • A close above Monday's high is needed to confirm a range breakout.

USD/JPY is currently trading at 106.34, having hit a session high of 107.19 an hour ago. 

While the pair has pulled back from session highs, it is still reporting a 0.50% gain on the day. 

More importantly, the pair has so far traded well within Monday's trading range of 107.57 to 105.15, which fell within Friday's high and low of 108.50 to 104.50, respectively. 

Essentially, the spot is trapped in a narrowing price range. A breakout above 107.57 (Monday's high), if confirmed, would imply a continuation of the rally from recent lows near 101 and open the doors to the psychological hurdle of 110.00. On the way higher, the pair could encounter resistance at 108.50 (Friday's high), 

Alternatively, a close below 105.15 would imply a range breakdown would shift risk in favor of a re-test of the recent low of 101.18 (March 9 low). 

Daily chart

Trend: Neutral

Technical levels


Today last price 106.34
Today Daily Change 0.55
Today Daily Change % 0.52
Today daily open 105.87
Daily SMA20 107.97
Daily SMA50 108.92
Daily SMA100 108.93
Daily SMA200 108.25
Previous Daily High 107.96
Previous Daily Low 105.15
Previous Weekly High 108.51
Previous Weekly Low 101.18
Previous Monthly High 112.23
Previous Monthly Low 107.51
Daily Fibonacci 38.2% 106.22
Daily Fibonacci 61.8% 106.88
Daily Pivot Point S1 104.69
Daily Pivot Point S2 103.52
Daily Pivot Point S3 101.89
Daily Pivot Point R1 107.5
Daily Pivot Point R2 109.13
Daily Pivot Point R3 110.31



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