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.
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."