From yesterday: (“USD/JPY technical picture looks bearish at least on the hourly chart where we can see clear price weakness, the pair evolves in a down trending channel, two supports found at 117.20 and 116.80 will be important for today. To the upside, 117.40 look to be the first key resistance to break to start thinking about a possible move higher. For the day we see more downside potential which is why our bias is bearish”).

The pair remains fairly subdued in its tight range today trading between 117.02 and 117.55. A break lower of 116.85 is needed to build momentum for bears and send the pair to test a key support level by 115.50. To the upside a break of 118 would be bullish and give scope for more gains towards 119.