USDJPY is dominated by sideways trading – Technical Analysis – 06-10-2015

The USDJPY pair trades within sideways range on the short term basis, between 118.65 support and 121.25 resistance, supported by the positive moving average 50, while stochastic is negative and push the price to decline, and this contradiction is normal at the sideways markets, which reflects the traders’ uncertainty.

We expect a rise in the upcoming trading, targeting this sideways’ range resistance at 121.25 level.