USD/JPY Price Analysis: The pair is stuck between 107.33 and 108.00 for now

USD/JPY is trading 0.01% lower on Friday.
The pair has consolidated in a very narrow 67 pip range.

Rajan Dhall, MSTA FX Daily

USD/JPY 4-hour chart

USD/JPY has traded in a very thin range on Friday as volumes remain light to a US holiday. Looking at the chart below it is clear to see the pair is stuck in a rut as it nestles within a 67 pip range.

Just looking at the price waves the pair has made consecutive higher low and higher high waves. This could lead to a higher probability of the top of the range to be tested. The 108.00 figure could be a significant resistance zone as it has been rejected a few times in the past. On the downside, the 106.00 level seems to be the main support zone, so if the price does break the bottom of the consolidation that could be the target.

Looking at the Fibonacci Retracement levels it seems that the 50% zone was pretty firm. Interestingly higher up the 261.8% extension level matches up very well with the 61.8% retracement zone and if there is a break higher it would be one to watch.

Additional levels

USD/JPY

Overview
Today last price	107.5
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	107.5

Trends
Daily SMA20	107.4
Daily SMA50	107.39
Daily SMA100	107.89
Daily SMA200	108.4

Levels
Previous Daily High	107.72
Previous Daily Low	107.33
Previous Weekly High	107.45
Previous Weekly Low	106.08
Previous Monthly High	109.85
Previous Monthly Low	106.08
Daily Fibonacci 38.2%	107.57
Daily Fibonacci 61.8%	107.48
Daily Pivot Point S1	107.32
Daily Pivot Point S2	107.13
Daily Pivot Point S3	106.93
Daily Pivot Point R1	107.71
Daily Pivot Point R2	107.91
Daily Pivot Point R3	108.1

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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