The US dollar continues to trade in a narrow range against the Japanese yen currency, ahead of the release of Key Inflation Data from the American economy and a scheduled speech from Federal Reserve Chair Jerome Powell during the US session. The next large directional move in the USDJPY pair will likely occur when price breaks away from the well-defined rising wedge pattern on the four-hour time frame.
The USDJPY pair is intraday bullish while trading above the 113.89 level, key technical resistance is found at the 114.19 and 114.54 levels.
If the USDJPY pair trades below the 113.89 level, sellers may target the 113.51 and 112.94 support levels.
