Technical outlook and chart setups:
The USD/JPY pair is trading sideways (cone formation) in a 400-pip range for recent several months. The pair is seen to be trading at 119.00 for now facing resistance at the upper boundary of trading range. It is recommended to trade according to a range breakout, buy on a break above resistance line. Sell would be failure. Immediate resistance is seen at 120.50 levels, followed by 121.50 while support is seen at 117.00 levels, followed by 115.50 and lower respectively. Please note that a break below 116.50 levels from here would see a deeper correction towards 113.00 and 111.50 levels respectively.
Remain flat for now, trade a break out.
The material has been provided by InstaForex Company – www.instaforex.com