There is a lot of congestion in the USDJPY
The USDJPY is lower on the day but remains near the middle of the low to high trading range since June 3rd (the mid point is at 108.42). There is a lot of ups and downs since June 3rd.
Technically, the pair is in the midst of a lot of congestion.
The pair is below the 100 hour MA at 108.436 but above the 200 hour MA at 108.34. As mentioned the midpoint is at 108.42. The low today stalled near a lower trend line (see blue circles). Yesterday the pair stalled at a topside trend line.
Taking a broad view...lots of ups and downs.
If the pair is going higher, get and stay above the 100 hour MA. The 108.615 is another upside target, then the 50% and topside trend line will be targeted.
If going lower, get and stay below the 200 hour MA and then the lower trend line. A break of the lower trend line would have traders looking back toward the floor in the 107.80-879 area.
UPDATE. The pair is moving above the 100 hour MA now. The buyers are making a play to the upside. Risk for new longs would be a break below the 200 hour MA now.
