The range has more than doubled
Earlier, I lamented that the USDJPY was stuck in a 16 pip trading range. I wrote:
That is the bad news. The good news is non trend transitions to trend. So be on the lookout for a break and run.
The bad news turn to good news after the low for the day was broken and the sellers took the price lower. The range is now extended to 43 pips. The 22 day averages 53 pips.
With the price action moving up and down over the last few weeks, there are a number of swing areas especially near the low. One area comes in at the 106.78 – 79 . The price low has so far reached 106.795. Below that would look toward the low price from yesterday and a swing low going back to July 10 at 106.705. Get below that and the area between 106.629 and 106.672 would be targeted. Those levels represent the swing lows from July 10, July 15 and July 21.
