If it weren't for the spike in the JPY pairs on the US China news, the ranges would be even more narrow
The new day is off to a slow start with the EURUSD in a 9 pip range. The GBPUSD in a 15 pip range and the USDCHF in a 13 pips range (see the high to low ranges of the major pairs today so far).
If it weren't for the spike higher on the news that US and China representatives talked, things would be even worse.
Looking at the chart below, the bars represent the changes on the day and the current change. Yes, pairs like the GBPJPY moved up nearly 40 pips on the day, but it was only for a short period of time, before the sellers came in and sold the pair back off. It is only up 13 pips now.
If you look at the changes, most are less than 7 pips from the closing level. The exception is the USDCAD (+11 pips), the GBPJPY (+13 pips) and the USDJPY and EURJPY (at +9 pips). That is not a lot. It is hard to make a living when the markets are so quiet.
The good news is the price action should pick up. At least I hope it does.
