Low to high trading range only 24 pips
The USDJPY is trading in a very narrow 24 pip trading range (trading at a new high as I type). That is below the 22 day average (around a month) of about 48 pips. There is room to roam.
The pair has support - and held support – against a lower trendline currently at 105.42. On the topside is a trend line cutting across at 105.63 followed by a swing area between 105.694 and 105.729. Get above that and the high price from yesterday at 105.797 and the swing high from September 15 at 105.81 would be targeted.
I know all these levels are very close together, but the pair is non-trending and looking for the next shove. To get that, traders need to push through the most recent levels (which have so far help stall this non-trending market).
Should sellers come in against resistance here, and push the price below the lower trendline, the rising 200 hour moving average at 105.29 currently would be the next key target to get to and through (green line in the chart above).
