The high for the week reached 108.036. The low for the week reached 107.275.
The USDJPY is hanging near the middle of the week's trading range. That area is also near the 100 and 200 hour MAs at 107.657 and 107.602 respectively. The current price is at 107.602.
The high for the week came yesterday on a spike higher that extended right up to the swing highs going back to April 13 at 108.077. The high price could only get to 108.036 and the price rotated lower.
At the low this week on Tuesday, the price moved just below the April 17 low at 107.295 but only by 2 pips to 107.275. That break fizzled and the price moved back higher. Yesterday, the low reached 107.341 ahead of those prior swing lows.
Putting the week into high/low perspective, the low reached 107.275 on Tuesday. The high reached 108.036 yesterday. The total range is 76 pips. That is not a lot of price action.
As mentioned we currently trade near the middle of that range (107.65 is the midpoint) and near the MA levels (blue and green lines).
That says to me, "the market" is not sure of the next move. As a result, it will trade in a up and down range. I am not surprised. There is a lot of uncertainty. It will take a shove outside the range (today? next week? after that?) to get things going.
Taking a broader look at the daily chart, the picture is not much clearer. The pair trades near the 38.2% of the move up from the February low at 107.683 and has not been able to get to the 50% retracement level at 106.44. The price is below the sideways 200 day MA at 108.284 and the sideways 100 day MA at 108.802. If the sellers are to take more control in the short term, stay below the 38.2% level at 107.683 and then get below 107.00 and stay below. If down, the 50% midpoint comes in at 106.44.
If the price moves higher, the 200 and 100 day MAs are upside targets that if broken, would shift more of the trading bias to the bullish side.
