Sellers could not keep the price back below the converged 100/200 hour MAs
The USDJPY moved lower in the Asian session and in the process broke back below the converged 100 and 200 hour moving averages. The toward the high of a swing area at 113.396, but stalled ahead of that level.
The price move to the upside stalled in the early US session against the moving average levels but over the last few hours has seen the price move back above.
That tilt the technical bias more to the upside once again.
When the price trades in an up and down trading range like the USDJPY has done over the last three weeks, traders can get used to moving higher and selling, and moving lower buying. At some point the non-trending will turn to trending, but until then, following the technical clues can lead to frustration.
For now, and going into the new trading day, the bias has once again shifted with the move back above the 100 and 200 hour moving averages.
