23 pip trading range for the USDJPY
The USDJPY is trading in a very narrow 23 pip trading range for the day. That compares to a 22 day average of 61 pips. So there is room to roam.
The choppy price action today had a high of 104.174. That was just short of its 200 hour moving average (green line currently at 104.176). Recall from yesterday, the price did spike above both the 100 and 200 hour moving averages, but after choppy trading for 5 hours above and below the MA levels, the price retraced all the way down to and through the low for the day (as a full up and down lap was completed). Today's stall, keeps a lid on the pair.
The price is currently testing the 104.00 level. The downside target area comes in between 103.898 and 103.938. That represents some swing levels going back to November 20 (see red numbered circles and lower yellow area). Get below opens the door for a move to 103.825 and then the recent lows down 103.665 to 103.713.
At 23 pips for the trading range, there is room to roam. However the technical levels are still holding in on the topside and bottom side. We currently trade between the extremes with traders waiting for the next shove in either higher or lower through the levels.
