USD/JPY still stuck in a rut on the week

Price is playing ping pong between 111.00 and 111.40

At the moment, price is testing the 100-hour MA (red line) @ 111.17 once again after failing to break below it in Asian trading earlier. Stay above and near-term bias favours buyers but there doesn't appear to be much conviction to build a move higher. The defense earlier today stalled after price tested the resistance trendline and is now moving back lower.

That's not a great deal of confidence for further upside. However, downside breaks have been hard to come by as well. Any move lower has been limited by bids at the 111.00 level as evident by the overnight trading when price broke below the 100-hour MA for a brief period.

Add to the fact that there are large expiries in play today at 111.20, it's going to keep price action pretty limited in the session ahead unless there is a major risk catalyst in the market.

Looking at the daily chart:

The inability for buyers to close above the daily resistance at 111.40 (May high) last Friday is what has stalled the upside momentum after bouncing off lows just under 110.00. For now, the 111.40 level will be a key area for buyers to hold a break and daily close above in order to make a further run to the upside.

Otherwise, price action is still very much in consolidation mode and it could very well stay this way until we get a key catalyst in the market. If anything, watch out for the US Q2 GDP figures that is to be released later in the day. That could give the spark needed for the pair to move.

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