USDJPY SHORT-TERM RANGE BREAK LOOMS
The U.S dollar continues to trade in an increasingly narrow-range against the Japanese yen, as financial market participants look for a clear trading catalyst to emerge. The USDJPY pair has so far found weekly support from the 106.88 level, while the weekly trading high is found at the 107.51 level. Traders now look towards the release of key United States Jobs and Manufacturing data, while the Japanese economy releases crucial CPI inflation numbers.
The USDJPY pair remains bullish while trading above the 107.00 level, key upside resistance is found at the 107.51 and 107.77 levels.
Should price-action on the USDJPY pair move below 107.00 level, sellers will likely test towards the 106.88 and 106.60 support levels.