USD/JPY Technical Analysis: Remains confined in a narrow trading range below 110.00 handle

   •  The pair has been oscillating within 60-70 pips broader trading range since the beginning of this week and has managed to hold/defend confluence support.

   •  The mentioned support, comprising of 200-hour EMA and a five-day-old ascending trend-line, might now act as a key pivotal point for intraday/short-term traders. 

   •  Given repeated rejections near the 110.00 handle, neutral technical indicators on hourly/daily charts point to indecision over the pair’s near-term trajectory. 

   •  Hence, it would be prudent to wait for a convincing breakthrough the recent trading range before traders start positioning for the next leg of a directional move.

USD/JPY 1-hourly chart