Up and down action in a down week
The USDJPY moved lower in the Asia-Pacific session and has moved up and down through the European session (46 pip trading range). The pair sits between support at the 112.75 area and 113.21. The low extended to 112.70, but lows since then have been just above that level as traders likely started leaning against the low. The close yesterday came in at 113.22. The high at 113.21 seems to have traders leaning against that area as well. We sit between the two extremes. (PS the week closed last week at 113.19 - near the high today. HMMMM.. What to do on a Friday? Maybe flip a coin. It might come down to the 4 PM London fixing.
The hourly chart, shows the pair trading above and below the 50% of the move up from Feb 11 low (at 112.914). A lower trend line was broken in the Asian session but like the 50%, the price has been flucuating above and below the line for most of the day....HMMMM. I guess - like yesterday - we can say the price has moved below and away from the 100 and 200 hour MA. SO the bears have an advantage.
