The euro has been pretty steady of late and that's given range traders the perfect conditions
We've got a bit of a role reversal going on. Usually USDJPY is the 'throw a wobbler, then consolidate' pair but it seems the euro has taken over. For the past month we've been ensconced in a rough 200 pip range with the odd extension.
EURUSD H4 chart
We've got the usual levels within levels which enable traders to lean against several points and makes defining risk much easier. Range trading also gives us clear boundaries as to what the price must do if it wants to break out, and that potentially provides another trade on a break. In this instance the euro is playing nicely with the levels and there's opportunities to grab a few pips off the lower timeframes or to wait and trade the edges for larger rewards.
We can never be complacent when trading ranges, and we should always be wary of a level being hit too often in a short space of time. It may not mean it breaks but it raises the risk of that happening, so we should adjust trades accordingly and look to tighten them up.
There's no real reason to see this pair break out anytime soon, even the BOJ shouldn't bring too much noise but watch EURJPY as it will be the driver if it does move.