FXStreet (Bali) - Technically, the downside is favored in USD/JPY, notes Valeria Bednarik, Chief Analyst at FXStreet.



Key Quotes



"The USD/JPY consolidates in a tight range having shown little progress over the last 24 hours."



"Technically, the downside is favored with price standing below moving averages and indicators turning south yet in negative territory in the 1 hour chart, but with price also barely 50 pips away from the year low."



"In the 4 hours chart the bearish tone is firmer, albeit a break below 101.05 is now required to confirm a retest of the year low in the 100.70 price zone."



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