USD/JPY technical analysis: Greenback sidelined below the 108.00 handle

• The market is trapped in a tight range as the markets are closed in the United States.
• Bulls need to overcome 108.05 while bears need to break below 107.66. 

USD/JPY daily chart

USD/JPY is trading in a bear leg under the main daily simple moving averages (DSMAs). The market closed the weekly gap and is now hovering below the 108.00 resistance.

USD/JPY 4-hour chart

USD/JPY is having a small bounce from 107.66 strong support as the market trades above its 50 SMA. Bulls will need to overcome 107.90-108.05 resistance zone. After that, the next resistance is seen at the 108.50 and the 108.90 levels, according to the Technical Confluences Indicator.

USD/JPY 30-minute chart

USD/JPY is trading in a tight range below its 200 SMA suggesting bearish momentum in the near term.
If the sellers break below 107.66 the next level of support can be seen at 107.33 and 107.10, according to the Technical Confluences Indicator. 

Additional key levels