Extends a very narrow range
The USDJPY has just extended the trading range to new session highs. Don't get too excited. The range for the day is up to 43 pips now. That was better than the 36 pips at the start of the new trading day. In the move higher the price has moved above the 114.06 area. There have been a number of highs and lows on the 4-hour chart around that level.
On the move higher we also moved above the 100 hour MA at the 114.04 level (see blue step line in the chart below). The price moved up to 114.15 on the break. We are back down testing that 114.04-114.06 level now. Can it hold support and continue the move higher? That will be the test now for traders. Stay above is more bullish. Move below and the longs will be questioning the break.
