The range for the week is only 75 pips
The USDJPY did trade to a new low for the week today. The old low was 108.614. The new low ist 108.602. Whoop De Doo.... The price has rebounded on the less than stellar break, and has moved back above the 200 hour MA at 108.88 and tests the 100 hour MA at 109.035. It will take a move the 100 hour MA (and the downward sloping trend line too) to tilt the bias higher. So far, traders are leaning at the low risk level.
For the week, the range is only some 75 pips. That is tied for the low range for 2021 so far. There were lower ranges at times last year (with the low around 59 pips). However, the 75 pips is still light/non trending.
There are a number of swing highs between 109.23 and 109.282, with a couple spike highs which quickly reversed (up to 109.357). The high from last week reached 109.23. So lots of ceiling resistance at 109.23 to 109.357.
PS the price of the USDJPY moved above the 200 week MA last week for the first time since March 2020. The price action this week traded above and below the level and currently trades right around the level at 108.98. The close from last week was at 109.02. The market is unsure at the current level which is indicative from the non trending week. Will we trend next week?
