USDJPY trapped in a narrow range but intraday bulls eye 111.10.

The USDJPY has bounced within a 30-pip range since the start of the trading week with minor support are 110.60 and minor resistance at 110.90. Although fundamentals are playing a role behind the USDJPY’s lack of movement, the technicals suggest that a breakout setup could be in the process. A solid breakout and 4 hourly close above 110.90 is likely to encourage an incline towards 111.10 and 111.40, respectively. If bulls run out steam and prices end up slipping back towards the lower range of 110.60, we see the USDJPY retesting 110.30.