USDJPY continues the sideways consolidation
Trades above and below its 100 hour moving average today
The USDJPY continues to consolidate in up and down trading action.
Looking at the hourly chart above, a top side trendline currently comes in at 106.63 and a bottom side trendline comes in at 106.25. In between the two trendlines sit the 100 hour moving average 106.444 currently. The price today has traded above and below that moving average line and tested each of the trendlines as well.
Markets are consolidating as they wait for Fed Chair Powell's speech at Jackson Hole tomorrow.
If there is a break of the top side trendline, swing highs at 106.76 and 106.968 will be eyed.
On a break lower, the 200 hour moving average at 106.184 will need to be broken to solicit more of a bearish bias for the pair.