USD/JPY: Base of the range around 107.20

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 FXStreet, takes a look at the USD/JPY technical picture.

Key quotes

“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.”