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The USD/JPY pair is currently trading within a narrow range of 148.00 to 149.50, indicating a period of consolidation. While there is a slight upward bias, the pair has not yet broken out of this range.
From a technical perspective, the momentum is currently bullish, but the Relative Strength Index (RSI) has not reached a new peak, suggesting that the upward movement may be limited.
If the USD/JPY pair breaks above the 149.50 resistance level, it could potentially rise to 150.00 and then to the 200 and 100-day moving averages confluence at 151.20/21. Conversely, if the pair falls below the 149.00 support level, it may experience a pullback towards the October 8 swing low of 147.35.
Overall, the USD/JPY pair is in a state of consolidation, with a slight upward bias. Traders are closely watching for a breakout from the current range to determine the next direction.
