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. 

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