The non-trending trading continues for the pair
The USDJPY traded to a low level that has been a familiar low area over the last few days. The 123.738 was the low on Tuesday. Yesterday the low was at 123.778. The low today came in at 123.767. If it worked once. Try it again and that strategy was a winner (risk could be defined and limited as well).
The price is now back above the 100 hour MA at 124.277. The MA becomes can be less effective at times during a non trending market. Highs and lows are more relevant as the market digests the next move. There was a comment from BOJ Kuroda ally Yataka Harada, that the abnormally strong yen has been corrected and the "currency may have come to a very good place". The comment are suggestive that the JPY may have weakened enough.
In this environment, patience is key. Wait for the highs and lows (see chart above). Also be aware for failed breaks. In other words. They can lead to a reversal back toward the other extreme. So don't be in a hurry.
