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   “¢   The pair has been oscillating within 60-70 pips broader trading range since the beginning of this week and has managed to hold/defend confluence support.

   “¢   The mentioned support, comprising of 200-hour EMA and a five-day-old ascending trend-line, might now act as a key pivotal point for intraday/short-term traders.  

   “¢   Given repeated rejections near the 110.00 handle, neutral technical indicators on hourly/daily charts point to indecision over the pair’s near-term trajectory.  

   “¢   Hence, it would be prudent to wait for a convincing breakthrough the recent trading range before traders start positioning for the next leg of a directional move.

USD/JPY 1-hourly chart

USD/JPY

Overview:
       Today Last Price:  109.78
       Today Daily change %:  -0.06%
       Today Daily Open:  109.85
Trends:
       Daily SMA20:  109.35
       Daily SMA50:  110.49
       Daily SMA100:  111.77
       Daily SMA200:  111.27
Levels:
       Previous Daily High:  110.09
       Previous Daily Low:  109.61
       Previous Weekly High:  109.74
       Previous Weekly Low:  108.5
       Previous Monthly High:  110
       Previous Monthly Low:  104.75
       Daily Fibonacci 38.2%:  109.79
       Daily Fibonacci 61.8%:  109.9
       Daily Pivot Point S1:  109.61
       Daily Pivot Point S2:  109.37
       Daily Pivot Point S3:  109.13
       Daily Pivot Point R1:  110.09
       Daily Pivot Point R2:  110.33
       Daily Pivot Point R3:  110.58