Him him him The USDJPY has been a range-bound up, down and back up pattern. The price is higher on the day (above 134.96), trading currently at 135.07. There is overhead swing areas between 135.09 to 135.194. Above that, another swing area from 135.42 to 135.57 would be eyed. Those were the swing highs from last week (and cycle highs). The high price last week at 135.577, reached the highest level going back to November 1998.
On the downside today, the price stalled within a another swing area between 134.46 and 134.672. Below that sits the rising 100 and 200 hour moving averages which are near converged near 134.30.
Moving below those levels this week (and staying below), would shift the bias more to the downside. For now however, the buyers remain more firm control.