USD/JPY Technical Analysis – H1

The pair continues its prolonged, shallow upward correction. This consolidation appears to be fully utilizing the available space within the triangle range of 157.700–158.500 before quotes once again break lower (the accumulation has a distinctly bearish character).

Key Levels:

□ 158.500 (upper boundary of the range)

□ 157.700 (lower boundary of the range)

□ 157.000 (key downside target)

Primary Scenario:

Continuation of the flat within the 157.700–158.500 range.

Alternative Scenario:

Decline toward 157.000.

Analyst Commentary:

A pickup in activity on the chart is possible tomorrow with the release of the non-farm payrolls data.