FXStreet (San Francisco) - After testing nearly 1-week highs at 101.75 and retracing to 101.60, the USD/JPY is now trading in consolidation mode around 101.70.



Currently, USD/JPY is trading at 101.68, up 0.15% on the day, having posted a daily high at 101.76 and low at 101.43. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.



USD/JPY sentiment



According to Valeria Bednarik from FXStreet, "the hourly chart shows indicators heading higher above their midlines, albeit lacking clear momentum at the time being."



She adds that "the 4 hours chart the technical tone is also mild positive, and further gains are possible if 101.60 holds, yet a break below it exposes the pair to a slide towards 101.20 price zone."



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