The USD/JPY has been trapped into a very tight range of only 21 pips in the last 5 days.
Currently we see a ranging price action that has been supported by the bullish cup with handle pattern. The handle has been a bit extended due to 21 pip range. 111.80-90 is the POC zone and if the trend is respected we should see 112.12 and eventually 112.34. This might happen only if volatility increases so we might wait for Monday, eventually Tuesday.
The price ideally needs to stay above 111.60 for this scenario to remain valid.
The analysis has been done with the CAMMACD.MTF template.
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