Continues the ups and downs.
The USDJPY remains mired in a range (147 pips over the last 9 days/182 pips over the last 12 days). The midpoint of that range is 103.71. The 100 day MA is at 103.018. The price has closed above that MA over the last 10 trading days. Note the MA line is still declining (negatively sloped).
Looking at the hourly chart, the pairs ups and downs are most evident. The 100 and 200 hour MAs cut across the middle of the range. The price over the last 4 days has been above a and below those MA lines. Today, the late London morning/early afternoon session found sellers against the MAs. Is that a lid now? Maybe. Look for traders to lean on a test. The 103.22, 103.16 (last two swing lows) and the 100 day MA at 103.019 today are support targets if the selling is to continue.
We are moving toward the end of the week so care is in order.
