As we’ve said many times over the past few months, USD/JPY is in a 92/102 trading range, and technicals do not work so well in range-bound markets. Nevertheless, the bearish trendline drawn from the 110.50 high through 101.50 and 99.00 now comes in around 96.80 and this should prove some stern resistance. Fibonacci wave retracements become redundant in ranging markets but not if a move is actually starting. For that to be the case, the 61.8% of 99.00-91.70 would have to hold firm and that level comes in at 96.15. Initial support on the day comes in at the previous intraday tops around 95.25. Range traders are in seventh heaven with this pair.