Technical Analysis – USDJPY hovers in tight range; bullish after it bounces off 7-week low

USDJPY is consolidating within tight Bollinger bands that are suggesting a potential sharp move either to the upside or to the downside. The price remains above the short-term moving averages; however, they are pointing down. The RSI indicator is heading south or into the bullish territory, while the stochastic is moving sideways below the overbought zone. […]