The USDJPY traded in a narrow 58 pips trading range for the week until today. The high for the week was on Wednesday at 107.94. The low extended down to 107.359.
However, the price extended the low to 107.07 in the Asian session and in doing so extended the trading range for the week to around 87 pips. Although still not great, it was certainly better than 58 pips coming into the day.
The run to the downside did find support ahead of the 50% retracement of the May trading range (today is last trading day for May). That level came in at 107.03. The low for the day was at 107.07.
Since bottoming, the price has risen steadily to the upside. The current hourly bar reached a high price of 107.88. That puts it within 6 pips of the week's high. Get above and today will represent the range for the week and open the door for further upside momentum. The high from last week's trading would be the next major target at 108.08 him him him him him.
The move back to the upside also was able to get back above its 100 and 200 hour moving averages. They come in around the 107.63 level. They also represent the risk for longs looking for more upside momentum. Stay above the buyers remain in control today and also going into next week's trading.