USD/JPY - USD/JPY is Trading Sideways Ahead of Holidays - 12/23/2016 (GMT)

It was another quiet trading day for the U.S. dollar versus the Japanese yen as it is consolidating within the 118.65 significant resistance barrier and the 116.50 support level for the last week. The USD/JPY pair seems virtually unchanged and for the next days we are waiting to continue developing within the referred area. Although, if the price plunges below the lower boundary of the sideways channel, it will open the door for a retest of the 114.80 key level. On the other side, a break above the 11-month high will expose the pair at the 120.00 strong critical level. The RSI is moving slightly below its 70 level, while the MACD is in the positive territory, below its trigger line.