What are the "goal posts"?
The USDJPY is trading between the "goal posts" on the hourly chart, as defined by the 100 hour MA (blue line at 111.496, and the 200 hour MA at 111.894. We just retested that 200 hour MA now.
The ping ponging between those MAs says the market is not too bullish/not too bearish at current levels. "The market" is more in balance.
Ultimately, "the market" gets unbalanced and there is a break to the upside or the downside.
On the topside, the 50% at 112.30, and then the 100 day MA and the 100 bar MA on the 4-hour chart at 113.55 area are the targets.
On a downside break of the 100 hour MA, the trend line off the low at 111.395 (and moving higher) and the 200 bar MA on the 4-hour chart at 111.297 become the close targets. Below those levels, and the price will be looking toward the swing lows from the last 5 trading days.
