Narrow range of 66 pips this week
The USDJPY continues listless trading with the pair mired in a narrow 66 pip trading range this week.
The pair did extend to a new week high in the US afternooon yesterday, and in the processs, moved above its 100 hour MA (blue line currently at 108.21. That break yesterday (and also in the Asian session today) was short lived, however, and the price for most of the day today, has used that 100 hour MA as a lid on the pair. We currently are testing that MA.
If the bulls are to take back some control, getting and staying above that MA is the minimum requirement. Failure to do so and the sellers remain in control.
If the price is able to break above, the week highs at 108.44 and 108.48 will be targeted. With only a 66 pip trading range for the week, chances are there will be an extension at some point before the end of the week. The 100 hour MA should be a mid range barometer for the bias.