FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that we are in a New range, awaiting for a catalyst in USD/JPY. Key Quotes: "The USD/JPY pair consolidates above the 123.00 level, this Monday, having little to offer to investors this Tuesday, as it trades in a 40 pips range ever since the day started. The pair has now set a new consolidative range and will need a huge catalyst to break it, which means playing the 122.80/123.60 range could be the way to trade it in the short term. Technically, the 1 hour chart shows that the moving averages have advanced further below the current level, while the technical indicators are bouncing from their mid-lines, maintaining the downside limited. In the 4 hours chart, the technical indicators have retreated from extreme overbought levels, but lack directional strength well above their mid-lines, whilst the moving averages are slowly advancing below far below the current level. An upward acceleration through 123.80 should favor additional advances, with the market then eyeing a retest of the year high at 125.80." For more information, read our latest forex news.