- USD/JPY extended its sideways consolidative price action for the second straight session on Tuesday.
- Weaker global risk sentiment underpinned the safe-haven JPY and capped the upside for the major.
The USD/JPY pair closed the first day of the week virtually unchanged and continues to have a tough time making a decisive move in either direction on Tuesday. The USD/JPY pair struggled for a firm directional bias and remained confined in a range, around the 103.6 region through the early European session
The USD/JPY pair is trading above the 50% retracement of its January rally at 103.60. The short-term picture is neutral-to-bullish, according to the 4-hour chart. While technical indicators are directionless, but within positive levels. Bulls will have better chances on a break above 103.90 for move to the upside.
Support levels: 103.35
Resistance levels: 103.90 ,104.00