Narrow trading range begs for an extension
The USDJPY is trading in a 48 pip trading range. Not much of a range. So it begs for an extension.
The big news this week for the pair was the Kuroda comments on Wednesday. After the plunge, the market consolidated. Yesterday, traders become impatient and started to buy. The pair moved higher with help from the US retail sales. The 50% was tested and held, setting the high. Today, the 100 hour MA is putting a top/lid on the pair at 123.78. IF the MA can hold the line a break below the 123.48 will be eyed. Look for some momentum below - even it it is just because the range is so darn narrow. A move above the 100 hour MA may beg another run to 50% and 200 hour MA (green line). .
