Near middle of the range.
The USDJPY has:
- A narrow trading range of about 81 pips
- Held support at the underside of a broken trend line
- Is higher on the day (closed at 113.99).
- Is above the high from Feb 26 at 113.98
- Trades near the days midpoint at 114.14 currently
Yesterday, the pair had the green light to go lower on the break of the 100 and 200 hour MA (see blue and green lines in the chart above) but that move failed. Since then the pair has been moving higher. The move above the trend line is bullish, but for me would put risk at the 113.98 area where the close from yesterday and the high from Feb 26th is found. If it goes higher, the 114.86 and 115.05 become the next upside targets (see chart above).
