The BOJ decision on Tuesday in Japan
The Bank of Japan is meeting and will announce any tweaks to their policy. They was reports last week (not substantiated by BOJs Kuroda) that they may look to rein in some of its stiumulus. That sent the 10 year yield to the highest level to 0.11%. That was the highest since February 2017. However, the BOJ did come in an bought bonds today (3rd time in the last weeK) to stop some of the speculative selling of the bonds.
The USDJPY has been waffling nearer lower levels for the month. June ended at around 110.70. The low last week came in at 110.58. We currently trade at 111.058 (off that low). Looking at the daily chart, there is a trend line at 110.68. On the topside, the 111.39-51 is an area to get and stay above for a more bullish technical picture (see red numbered circles).
Drilling to the hourly chart, the price is trading around the 100 hour MA (blue line in the chart below). That MA comes in at 111.04. The last twelve or so hours has seen the price trade a littl below and trade a little above, but not move far from the line. The topside trend line comes in at 111.15 . A lower trend line comes in at 110.89. That is only a 26 pip spread from the lines (and getting more narrow). The market will break outside that range at some point. It just can't die. Look for momentum on a break which ever way the market decides.
Give the USDJPY a nudge and bring it back to life.....