USD/JPY Price Analysis: The pair looks to be heading right back into the middle of the range

• USD/JPY trades 0.18% higher on Friday and 1% higher on the week.
• There was a strong rejection of 104.00 to the downside.

USD/JPY daily chart

USD/JPY does not seem to like trading below 104.00 as there seems to be a quick recovery as soon as the level is pierced. The key level on the chart is the area marked in orange at 106.00. This level seems like a magnet for price and if the bulls manage to break the level it could be significant in the future. 

There are also two trendlines to look out for on the chart. The first is marked in blue and the market is currently testing the zone. The black trendline is the stronger one as it has had more touches. 

The indicators are back to mid-range as the price has pulled back. The MACD signal lines are still bearish, however, as they remain under the zero line. 

Next week the latest US jobs data could inspire some more volatility than usual. There is also some election shenanigans to look forward to as the leaders of the democratic and republican parties go face to face. 

Additional levels