{video}USDJPY’s recent obstruction to upside moves seems to be coming from the 107.69 level, that being the 38.2% Fibonacci retracement of the up leg from the 41-month low of 101.17 to the 111.71 high. The pair had drifted into a consolidation period (105.98 – 108.08) that has held for 6-weeks, where price advancements have been restricted by the 50-day simple moving average (SMA). Aiding the struggle to climb higher is the converged 100- and 200-day SMAs, which further dictate a directionless market. Looking at the short-term oscillators we can observe conflicting signals in directional momentum. The RSI is barely ... (full story)