Pair is trading at session highs but in a 21 pip trading range
The USDJPY is extending the range to the upside, (trades to new session highs) but the low to high trading range is still only 21 pips on the day. The good/bullish news is that the pair was successful in bouncing off its rising 100 hour moving average (blue line currently at 109.435). That gives that moving average little more importance going forward. Stay above is more bullish. Move below is more bearish.
The pair is still short of its high prices from yesterday's trading at the 109.628 level. The Monday high level at 109.672 and Friday's high at 109.70, along with the December 2 high at 109.723 remain as a topside hurdles to get to and through in order to open up the potential for more upside momentum.
The 100 hour moving averages key below. Buyers remain more in control above those moving average levels. The swing highs from December are key resistance above. If the buyers are to keep control they need to push the price above those highs between 109.628 and 109.723.
