Trading range is only 28 pips today
With a trading range of only 28 pips in the USDJPY, why bother?
The reason is non-trend will transition to trend and the USDJPY has been non-trending.
Since 10 PM ET last Thursday, the low to high trading range has seen a low on Monday at 106.992 to a high at 107.63 on Tuesday.
Drilling even closer, the 100 hour MA has been doing a good job of stalling the support. That MA currently comes in at 107.24. The price has not closed an hourly bar below that MA since Monday. Stay above is more bullish. Move below and the bias shifts to the downside.
Non trend transitions to trending. The market is non-trending in the USDJPY. Traders should look for the next shove.
