Range extended but move higher fails....
The USDJPY extended the trading range to the upside on the break of the 200 hour MA. It was the 2nd look above the 200 hour MA this week. Each failed pretty quickly (this time at a lower level). Do we stay below or is it just the USDJPY trading day? If you like the long side, you have to wait for a move back above. If you like selling, the failure is good enough reason to lean against the MA and see what happens at the 100 hour MA (blue line) below. The upper trend line and lower trend line become the next hurdles which ever way it decides.
What we do know is the pair is not going very far very fast.
