USD/JPY Technical Analysis: Forms a bullish continuation pattern on 4-hourly chart

   •  Over the past few trading sessions, the pair has been oscillating in a broader trading range and now seems to have formed a continuation pattern - Rectangle, on the 4-hourly chart. 

   •  Further, the pair is holding comfortably above important moving averages - 50, 100 & 200-period SMA, thus categorizing the trading range as a pause in the prior bullish trend. 

   •  However, technical indicators on the mentioned chart have failed to support any firm directional bias, warranting some caution before initiating any fresh directional bets.

   •  Hence, it would be prudent to wait for a convincing break through the mentioned range before traders start positioning aggressively for a possible near-term bullish trajectory. 
 

USD/JPY 4-hourly chart