USD/JPY Steady

USD/JPY continues to trade sideways with price fluctuating around 116 in recent days. The pair registered a close to one year high in December reaching up to 118.66. After that high, however, bears stepped in and ended the multi-month rally that started from 98.85.

Price is now 116.09 as consolidation continues. First bull target is seen at 117.39 while first bear target is below the lowest low at 115.05.

We are only 10 days away from the Inauguration of Donald Trump and that event can cause heavy volatility in the US equity and currency market.

As to USD/JPY, traders might attempt to reach major resistance zone at 121.00. In that case, bears are expected to react and push price down.

Chart: USD/JPY D1