USD/JPY Forecast April 11, 2017, Technical Analysis

The USD/JPY pair tried to rally on Monday but gave back quite a bit of the gains. I think this market continues to consolidate between the 110 level on the bottom and the 112 level on the top. Ultimately, this is a market that is struggling to find direction over the last couple of weeks. I believe that we continue to go back and forth in this area while the markets reset in general. Keep in mind that this pair tends to be very sensitive to risk appetite, so stock markets around the world should be monitored as well.