USD/JPY is back to unchanged on the day

USD/JPY tried the downside early in Europe and then the upside early in US trading. Now it's back to unchanged and back in the middle.

USD/JPY is sitting right 111.43 and right at the 50% retracement of today's intraday rally.

With no scheduled news and data left on the calendar, it's tough to envision a way it could break out of today's established range. So I expect it will be a grind to get a few pips from here but 111.33 is an interesting spot for the bulls.