The USDJPY and JPY pairs in general have been consolidating since the JPY managed to pop higher. The USDJPY may be in the process of forming a descending wedge (Speculation). Or the cross could be in a bull flag pattern looking to push higher once again (Conjecture). The pair is in the process of creating lower highs on the daily chart ( Other Thoughts).
What I can tell you for sure is that the pair has a solid base support level at 81.70. A break of that level could lead to another test of the past support zone between 81/80.60. Resistance begins at the descending TL at 82.70 followed by daily price resistance at 83.20. A break of the 81.70 thru 82.70 range will be needed to kick things off once again.
Sup 81.70 81.80.60
Res 82.70 83.20
Keane Plan....Interested in the price action around the 81.70 area.
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