FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair declined at the beginning of the day, down to 120.25 as local share markets fell, but bounced some as markets' sentiment flipped towards positive mid European morning.
Key Quotes:
"Nevertheless, the pair traded uneventfully in a tight range, still waiting for a trigger that can actually set the tone. Short term, the technical picture is mildly positive, as the price has managed to advance above its moving averages that anyway remain flat, while the technical indicators are holding above their mid-lines, although losing upward strength"
"In the 4 hours chart, however, the Momentum indicator maintains its bearish slope below its 100 level, while the RSI indicator hovers around 50. The pair has been trading pretty much between 119.35 and 121.45 with short lived declines below the base for over two months, and market seems determinate to play that range at least until next Friday when the US will release its Nonfarm Payroll data for October."
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