USD/JPY Price Analysis: Greenback in range below 110.00 figure vs. yen

 

 

USD/JPY is trading off February highs below the 110.00 figure while trading above its main daily simple moving averages (SMAs) on the daily time frame.

 

 

USD/JPY broke below a rising wedge formation while above the main SMAs. The spot is trading sideways below the 110.04 resistance as bears want to break below the 109.81 support and drive the market towards the 109.58 and 109.30 levels. On the flip side, a daily close above the 110.04 resistance can invalidate the bearish scenario, according to the Technical Confluences Indicator.