USD/JPY to lure investors out of the 106.60-107.30 range

USD/JPY continues to trade just below the 107.00 level, neutral-to-bearish in the short-term, as the pair needs to escape from the 106.60-107.30 zone to attract some interest, according to FXStreet’s Chief Analyst Valeria Bednarik.

Key quotes

“The USD/JPY pair retains its bearish stance according to the 4-hour chart, as a bearish 20 SMA caps the upside around 107.00. The moving average continues to head lower below the larger ones, as technical indicators lack directional strength, the Momentum around its mid-line, and the RSI hovering around 44.” 

“USD/JPY has been ranging for the last three days and needs to break below 106.60 or advance above 107.30 to become attractive for speculative interest.”