Dollar Yen Technical Outlook: NeutralUSD/JPY trades in a narrow range around the 130.00 psychological handleDollar Yen builds in a zone of consolidation – is a breakout on the horizon?Price action stalls as bulls aim to retest 131.500
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USD/JPY Trades in a Narrow Zone of Consolidation Around 130.000
USD/JPY has continued to move lower as lower rate probabilities for the upcoming FOMC economic data limits Dollar strength. Despite the robust economic data that has seen US GDP and Michigan sentiment beating expectations, price action has failed to gain traction above 131.000.
While the Dollar Yen cross benefited from a hawkish Federal Reserve and dovish BoJ (bank of Japan) last year, fundamental factors have already been priced in.
After reaching a high of 151.945 in October last year, the strong uptrend that drove prices…
