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.

Omkar Godbole FXStreet Contributor

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

USD/JPY

Overview
Today last price	106.34
Today Daily Change	0.55
Today Daily Change %	0.52
Today daily open	105.87

Trends
Daily SMA20	107.97
Daily SMA50	108.92
Daily SMA100	108.93
Daily SMA200	108.25

Levels
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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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