USD narrow trading range. Looking for a shove
The USDJPY is trading in a narrow range today. The price keeps scraping along the lower 100 hour moving average at 108.651. A move below it (with more momentum than what has been seen so far today) should solicit more selling.
On the downside, the low from yesterday reached 108.51. Below that are other lows at 108.474 and 108.422. At the low for the week at 108.422 the price tested last week's low at the same level and held support. That double bottom is a key level going forward technically.
Should support continue to hold against the 100 hour moving average (if you like the buy side for the USDJPY), traders need to see a break above the 200 day moving average at 108.779 and then the falling 200 hour moving average (smooth green line) at 108.854 (that is also the Asian session high for today).
A break above the 200 hour moving average still has plenty of levels to get to and through including the 38.2% retracement and high from US employment Friday (remember that) at 108.919, but it would be the 1st break above since December 3.
For now, the USDJPY continues trade in a narrow trading range, but is looking for the shove that will swing the bias in the direction of the break.
On the downside, the low from yesterday reached 108.51. Below that are other lows at 108.474 and 108.422. At the low for the week at 108.422 the price tested last week's low at the same level and held support. That double bottom is a key level going forward technically.
Should support continue to hold against the 100 hour moving average (if you like the buy side for the USDJPY), traders need to see a break above the 200 day moving average at 108.779 and then the falling 200 hour moving average (smooth green line) at 108.854 (that is also the Asian session high for today).
A break above the 200 hour moving average still has plenty of levels to get to and through including the 38.2% retracement and high from US employment Friday (remember that) at 108.919, but it would be the 1st break above since December 3.
For now, the USDJPY continues trade in a narrow trading range, but is looking for the shove that will swing the bias in the direction of the break.