Or do we want to wake it?
Yesterday, the USDJPY traded in a narrow range between 104.40 and 104.83. At the low, the the pair stalled just ahead of its 100 day moving average. At the high the pair stalled in a swing area and also near the broken 38.2% retracement. The move off the high late in the session so the pair find support at the midpoint of the range since the January 21 low at 104.542.
Today, the story remains the same except the ranges even more narrow. The USDJPY is currently asleep in a 21 pip trading range. That is well below the 44 pip average seen over the last 22 trading days (which isn't a helluva lot anyway).
Needless to say, the levels remain the same. Get below the 50% retracement and traders will look toward the 100 day moving average at 104.382. Move above the 38.2% retracement at 104.83 and traders will then target the falling 100 hour moving average 104.941 and the flattening 200 hour moving average at 105.029.
The buyers have the edge with the price bouncing off the 50% retracement and the price being higher on the day. Can they keep the "push" going and get through the aforementioned resistance above?
Shall we wake-up the USDJPY?
