USDJPY mired in a narrow trading range. There is always tomorrow. | Forexlive

The USDJPY remains mired in a very narrow trading range for the day. The low to high range is only 66 pips. The average of the last 22 trading days is 128 pips (range is 52% of what is normal over the last month).

Looking at the hourly chart, the lows today were nearly low from Friday’s corrective move after the US jobs report. It was also near a swing area going back in time (see red numbered circles). That area comes between 134.616 and 134.724.

On the topside, the price over the last hour or so has moved back above its falling 100 hour moving average currently at 134.95. On the topside the 200 hour moving average at 135.249 followed by the high of a swing area at 135.36 (see the morning video to see where that level is derived). Move above that level and it should open the door for further upside momentum in the new trading day.

Conversely, moving back below the 100 hour moving average at 134.95 would have traders looking back down toward the swing area between 134.61 and 134.724. Right below it, and the 50% midpoint at 134.177 would be targeted.