USD/JPY, stuck in a tight range!

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usd-jpy 05.05.

After the pair reached 120.19 on Friday, in the last two days USD/JPY is stuck at the same level on the way up, supported at 119.90/120.00 on the way down. The pair looks bullish today but this level looks like a pretty strong resistance. If US dollar manage to brake this, 120.60/80 could be the next target, on the way down 119.90/120.00 is first support, 119.20/30 next one, strong at 118.30/50. I don’t see this range as a long term, the pair will probably get out somewhere, possibly up, but let’s wait and see!?

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