“¢ The pair extended its sideways move through the mid-European session on Thursday and remained confined in a narrow trading band just below two-week lows set yesterday.
“¢ Given the overnight break through a near one-month-old descending trend-line resistance, the range-bound price action might still be categorized as a consolidation phase.
“¢ Meanwhile, technical indicators on the 1-hourly chart have been losing positive momentum but maintained their bullish bias on 4-hourly/daily charts, suggesting a brief pause.
“¢ A sustained move beyond the 111.50-60 region will reaffirm the near-term constructive outlook and assist the pair to aim back towards reclaiming the 112.00 round figure mark.
USD/JPY 1-hourly chart
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