USD/JPY has charted a narrowing price range over the last 48 trading hours. A close above Monday’s high is needed to confirm a range breakout. USD/JPY is currently trading at 106.34, having hit a session high of 107.19 an hour ago. While the pair has pulled back from session highs, it is still reporting a 0.50% gain on the day. More importantly, the pair has so far traded well within Monday’s trading range of 107.57 to 105.15, which fell within Friday’s high and low of 108.50 to 104.50, respectively. Essentially, the spot is trapped in a narrowing price range. A breakout above 107.57 (Monday’s high), if confirmed, would imply a continuation of the rally from recent lows near 101 and open the doors to the psychological hurdle of 110.00. On the way higher, the pair could encounter resistance at 108.50 (Friday’s high), Alternatively, a close below 105.15 would imply a range breakdown would shift risk in favor of a re-test of the recent low of 101.18 (March 9 low). Daily chart Trend: Neutral Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold Price Analysis: Drops back below $1,500, focus on key Fibonacci levels FX Street 2 years USD/JPY has charted a narrowing price range over the last 48 trading hours. A close above Monday's high is needed to confirm a range breakout. USD/JPY is currently trading at 106.34, having hit a session high of 107.19 an hour ago. While the pair has pulled back from session highs, it is still reporting a 0.50% gain on the day. More importantly, the pair has so far traded well within Monday's trading range of 107.57 to 105.15, which fell within Friday's high and low of 108.50 to 104.50, respectively. Essentially, the spot is trapped in a narrowing price range. A… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
