Forex: USD/JPY off earlier lows, range bound between 97.20 and 98.40 on 1 hour chart

FXstreet.com (Barcelona) - After opening the session at 98.10 (and trading as low as 97.62), the USD/JPY has edged off earlier lows and is currently back to flat. Economic data is light this evening, with a few comments from Bank of Japan officials crossing the wires earlier.

According to Eamon Sheridan of Forex Live, Bank of Japan Policy board member Ryuzo Miyao quoted the following earlier in the session: “Higher US long-term rates will weaken yen. The benefits of latest easing is bigger than costs. May keep easy policy even if the 2% target reached. Will take all necessary steps to hit 2% price target.”

Looking at the 1 hour chart, the pair looks to be trapped in a range between 97.20 and 98.40. These will be key pivots to focus on in the short term as they may lead to larger developments when breached. The FXStreet.com Trend Index remains Slightly Bullish on the 1 hour chart, while the OB/OS Index is neutral.