The USD/JPY pair oscillates in a narrow trading band during the Asian session on Thursday and is currently placed just above the 149.00 mark, well wit
USD/JPY remains confined in a familiar range, forming a rectangle on short-term charts. The technical setup seems tilted in favour of bulls and supports prospects for further gains. Traders now seem reluctant and prefer to wait on the sidelines ahead of the US CPI report. hin the striking distance of the weekly high touched the previous day.
The aforementioned setup suggests that the path of least resistance for the USD/JPY pair is to the upside. That said, it will still be prudent to wait for a sustained breakout through the 149.30-149.35 supply zone, representing the top end of the trading range, before positioning for any further gains. The subsequent move-up has the potential to lift spot prices back towards the 150.00 psychological mark, which has been speculated as the potential intervention level.
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