High at 124.38 eyed
The USDJPY continued to push closer to the month long highs at the 124.38 level. The high price on June 17 reached 124.384. The high on March 24 reached 124.37. the high today has reached 124.349 so far and trades just a few of that level currently.
The low to high trading range day is 35 pips. The average of the last 22 trading days (around a month of trading) is 92 pips. Needless to say, the volatility is down. Looking at the hourly chart, the trend lines connecting the recent lows targets 124.14. The high target connecting the highs looks toward 124.55. Patient intraday traders might be looking for these areas to lean against. The price is barely moving but the dollar has been getting a bit stronger against most of the majors so traders will be eyeing what happens on a move above the 1234.38 level.
