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The USD/JPY pair trades in the 107.60 price zone, with the market in wait-and-see mode. Valeria Bednarik, a Chief Analyst at FXStreet, takes a look at the technical picture.

Key quotes

“USD/JPY is technically neutral-to-bearish in its 4-hour chart, as the pair is struggling around its 20 SMA while below the larger ones.”

“The Momentum indicator hovers around its mid-line, directionless, while the RSI turned south, currently at 46.” 

“The bearish case will be firmer on a break below 106.95, where the pair bottomed this week.”