The USD/JPY Forex pair is mired in a 31-year sideways congestion zone, as shown on the following Monthly chart.
Major resistance and support are formed by a long-term 40% Fib retracement level at 124.34 and 23.6% level at 105.69, respectively. The momentum and rate of change technical indicators have been in downtrend since mid-2013.
Until we see a clear breakout above or breakdown below one of those Fib levels, the Yen will likely continue to be subject to volatile, non-directional whipsaw price action in between them.
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