No clear direction on the USD/JPY

On the weekly chart of the USD/JPY we can see that the pair has been in a range during the last few weeks with the 115.00 level acting as support and the 119.00 level acting as resistance. On the lower time frames it is hard to see that the pair has been consolidating, because in between it has had some volatility. However, on the weekly chart we can see that even though it has been volatile it is also range bound. The MACD indicator is showing us that the pair has a bullish trend, but this trend is losing some strength, due to the fact that the bars on the histogram are getting lower than the previous ones. If the pair breaks to the upside, then its next resistance levels could be any from the 122.00 to the 125.00. To the downside, the first relevant support that we see on the weekly chart is the 111.28 level or the 200 week EMA, which is around the 107.76 level.