Published On: Tue, Apr 17th, 2018

USDJPY tests its hourly MAs/trades at session highs

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Remains confined to the range

The USDJPY moved lower over the last few trading days, after peaking on Friday. The move to the high last week moved above a small ceiling at the 107.45-49 area, but came back down. Yesterday there was a run up after the weekend developments but also came back down.  

The fall took the price below the 100 and 200 hour MAs (blue and green lines) during the NY session yesterday (more bearish). The price has been below those MAs since then. The better data today out the US, has pushed the price back to those MAs at 107.129 and 107.17 respectively.  A move above would be a step in a more bullish direction (again).

The USDJPY has been in a up and down trading range over the last 8-9 trading days. The meat of the trading is between 106.68 and 107.49.  That is not a huge range.  

The aforementioned 100 and 200 hour MAs dissect that range. The line are also going sideways which is indicative of a market that is non trending. 

In a non-trending market, you keep your eyes open for a break and run, but don’t fall in love with positions while the market struggles with a consistent bias.    Define technical levels of importance and listen to the markets price action.  

US stock are opening higher. Yields are little changed today. 

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