Like the EURUSD, the USDJPY has MAs defining the range
The USDJPY is another currency pair that is stuck between MA levels over the last few days as the market weighs the next move (higher or lower). There remains a lot of balls in the air with regard to trade, central bank policy, government shutdown, market risk, growth or slow down.
Last week, the strong US employment report showed much stronger growth, and the price of the pair moved closer to its 100 hour MA (blue line currently at 108.418 and moving higher). On Monday, that 100 hour MA was broken and the price has remained above it since that time. The price high today at 108.98, got within 10 pips of the upper 200 hour MA (green line at 109.06 currently and moving lower).
The price is currently at 108.64 - nearer the lower MA line now. At some point, the picture will become a little clearer and there will be a break.
Drilling to the 5-minute chart, the up and down price action saw the pair move below its 100 and 200 bar MA and that tilted the bias lower in the NY sesssion. The 108.50 and then the 100 hour MA will be in the sites of the traders.
