Range is only 25 pips
The USDJPY was confined to a 21 pips trading range as NY traders entered for the day. The pair has just made a new low and extended the range to 25 pips. There is some signs of life perhaps? We will see. There is some work to do to keep the selling going.
If the price is going lower watch the 112.146 level. Looking at the daily chart, the August 1 high was at 112.146. Going back in time (see chart below), the price tried to use that area as a floor before failing back in July. Yesterday the level was broken. It is up to the buyers to keep that level a support level now. IF broken, the sellers will take more control again. .
