USD/JPY trading in a tight range - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that USD/JPY is trading in a tight, 30 pips rango on Monday, close to the multi-month high of 107.38.

Key quotes

"There are giving no clues on what’s next in the short term, as per price well above a bullish 100 SMA and indicators with a slightly bearish tone due to latest slide, right below their midlines, yet far from suggesting a strong bearish momentum."

"In the 4 hours chart indicators had partially corrected extreme overbought leadings but remain well into positive territory, which limits possibilities of a stronger downward move in the short term."

"107.40 immediate resistance however, refuses to give up, so a stronger upward acceleration below the level is required to see the pair resuming its bullish trend."