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FXstreet.com (Córdoba) - USD/JPY keeps trading in a 15-pip range, unable to pick up momentum either way this Friday. At time of writing, USD/JPY is trading at 83.28, unchanged since opening.

The BOJ released its last meeting's minutes without surprises capable to shake the cross. Many members said it's "more likely that the economy would return to a moderate recovery path," underpinned by a moderate increase in exports and a pick-up in consumption and output. Some said that while the odds of a moderate recovery have increased, "subsequent economic developments remained uncertain," according to the minutes.

From a technical perspective, Franco Shao, analyst at ForexCycle.com, said, "USDJPY stays above 83.09 support and remains in uptrend from 81.13, the fall from 83.96 is treated as consolidation of uptrend. As long as 83.09 support holds, uptrend could be expected to resume and one more rise towards 84.49 resistance is still possible".

"However, a breakdown below 83.09 will indicate that a cycle top had been formed at 83.96 level on 4-hour chart, and the rise from 81.13 had completed, then the following downward move could bring price back to 82.00 area", Shao added.

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