USDJPY moved back up to test the hourly moving averages
The USDJPY has completed another "lap" to the upside after two runs to the downside.
As a review, the price high in the Asian session reached 113.706. The pair moved to a low of 113.33, then bounced to a high of 113.68 before moving down again to 113.32 and completing yet another move to the upside peaking at 113.725.
That is two moves to the downside and two moves to the downside. The range is only 41 pips. The average of the last 22 trading days has been 77 pips.
Going forward a move above the 100 hour moving average tilt the bias more to the upside. However, if the 100 hour moving average holds once again, the sellers remain more in control and a rotation back to the downside in the recent lows would be expected.
