This week traded the high to low trading range
The USDJPY bottomed yesterday at 103.665. That was just above the November 18 low of 103.646. The price has bounced up toward the 38.2% retracement at 104.078. We are currently trading at 103.93. The inability to move below the low, sent the price higher.
On Wednesday, the the price for the USDJPY reached 104.746. That was just short of the November 24 high of 104.756. That inability to move above the high, sent the price lower.
With the bounce off the low, the buyers leaned and are making the next play toward the meat of the up and down trading range. If support at 103.90 and 103.825 can hold now, the topside targets start at the 30.2% retracement at 104.078, the 104.14 level, the 50% retracement 104.206 and finally the converge 100 and 200 hour moving averages at 104.26 area.
If support gives way (below 103.825), the pair should 1 back toward the lows between 103.646 and 103.713
