All within 25 pip range...
The USDJPY moved up to the next upside target at the 123.429 (high from November 10 - the high reached 123.42). The pair fell from there and came down to the 123.19 area where the swing high from November 11th provided support (the low came in at 123.177). The current price is hanging closer to the low, but let's call it like it is, the last 5 hours has a narrowed range of 15 pips (123.33 -177).
So traders seem to be looking for a break and run off the CPI perhaps (+0.2% exp for headline and ex food and energy).
ON the topside, the 123.429 followed by the high from November 9 at 123.595 become the upside targets. On the downside, the 100 hour and 200 hour MAs come in at 122.887 and 122.809.
Overall, the USDJPY is trying to keep more of a bullish bias. The big move higher on November 6 of the much better than expected NFP report, led to 5+ days of corrective action (not the best). The pair gapped lower after the Paris terrorist attack, but trended higher yesterday as stocks rebounded and fear faded. That move took the price above the topside trend line and the 100 hour MA. The market wants to see more though as the rally stalled ahead of the recent highs. Longs are holding the line but may be looking for a fundamental catalyst today.
