Not much of a trading range though
A technical update of the USDJPY trading, is showing that the pairs' lows from the first hour of trading remain intact at 112.632. The most recent low stalled at 112.653.
Also intact has been the highs at 112.889. That high took out Friday's high by 2 pips and just died....
Overall the trading range is a mere 25 pips but from Friday's close the pair is higher by about 56 pips currently.
Helping today is higher yields in the US with the 10 year holding on to 4.1 basis point gains to 2.40%. Spot gold has been trading lower by about $5.50 to $6.00. Those things have help the USDJPY keep its gap gains.
The time going sideways has led the 100 bar MA move higher. It stands at 112.539 currently. A move below the 112.63, and then the rising 100 bar MA should solicit more of a bearish bias although other MAs loom at incrementally lower levels. That makes for step by step trading.
On the topside, in addition to the high from Friday and the highs from today, the 200 bar MA on the 4-hour chart comes in at the round number of 113.00. A move above that level, and the pair will be targeting the 61.8% of the move down from the November high at 113.241.
