FXstreet.com (Barcelona) - The USD/JPY is trading in a range between 98.65 intra-day low and 99.15, successive tests to break above 99.00 have not been successful so far, and the pair hovers several pips below the mentioned level.

According to the KBC Market Research Desk, the USD/JPY is trading in a sideways indecisive pattern: The yen gained a few ticks this morning. However, USD/JPY is still locked in the indecisive sideways trading pattern that was already in place last week.

For the sessions ahead, the KBC Market Research Desk, advices a cautious approach to the pair: We turned more cautious on USD/JPY short-term and advocated partial protection/profit taking on USD/JPY long positions. Currently, the pair develops a sideways, indecisive trading pattern. A sustained drop below the 98.88 area (uptrend line from the lows) could accelerate the correction.

For more information, read our latest forex news.