The USD/JPY pair is trading sideways inside a trading range between 122.20 and 123,70. The short-term trend is neutral as prices move sideways and therefore traders should be patient.
The USD/JPY pair is trapped inside the trading range. There is no clear direction as prices are moving sideways. A trend is neutral. Traders should better be patient and wait for a confirmed breakout of the range before opening a position.
Although the USD/JPY pair is above the Ichimoku cloud and above the kijun-sen indicator, the price is very close to the downward sloping blue trend-line resistance. This resistance is seen at 124.20 and is declining. A new final high cannot be ruled out as the price remains supported above 122.20.
The material has been provided by InstaForex Company - www.instaforex.com