Mired in a narrow 65 pip range for the week
The USDJPY has extended to new highs for day, and is above a near flat trend line connected the last few day’s highs on the hourly chart. However, the price still remains below the high for the week at 108.796 reached on Tuesday. That high got close to another trend line (fell a couple pips short of the line) as traders leaned (risk was defined and limited).
The low today actually made a new week low for the week at 108.152 (taking out the low from yesterday at 108.16. The retail sales data ruined the idea of moving lower. Now the buyers are making a bullish play.
Although higher, and making new day highs, the pair has had a pretty lethargic week for the pair. The total pip range is only about 65 pips. That is 3rd lowest week trading range this year (and top 3 going back to 2014 as well). That is not good for traders.
The move above the 200 and 100 hour MAs today tilt the bias back to the bullish side for the pair. The 100 hour moving average currently comes in at 108.438. The 200 hour moving average currently comes in at 108.365.