USD/JPY Is Consolidating as the Vortex of the Triangle is Close

Dear traders,

The USDJPY is getting close to the vortex of the triangle. Pay attention to the reactions at the BO highlighted areas.

This week’s CPI will determine the next move on the USDJPY. We could see some good moves from the pair as the markets are consolidating in a tight range. The USDJPY is lacking the direction and we should either see the breakout or rejection. 110.30-50 zone is the first upper zone. Break above and we should go for 111.00. However if we see a move below 109.60 then the price could go straight towards 109.00.

However, as we are talking about breakouts, we should also be mentioning a possible range bound rejection. It means that if the price doesn’t make a breakout at the BO highlighted zones, we could see a rejection towards 2 supporting trend lines and continuation of the range bound movement.