Trading down and up and down and up so far today
The USDJPY is back up retesting the highs for the day.
The price action today has seen a lot of up and down chop. At the lows there was an initial low at 108.35 and then a later low at 108.341. At the highs today, there have been highs at 108.577, 108.566 and most recently at 108.575. A lot of ups and downs but the traders area respecting the highs and low so far too. Those are the clues from the price action.
At some point there will be a break and run/extension. On the topside, the 100 hour MA at 108.627 is the upside target along with the 50% at 108.645. Get above those levels and the price can explore the upside more.
On the downside, the low from last week at 108.224 is the next downside target to get to and through.
For now the traders are playing the range and if they get lucky, they bank some pips from the ups and downs.....
