54 pips to 61 pips for the buying and selling vary for the week. The buying and selling vary for the day is just 22 pips
Yesterday I commented on the slender buying and selling vary for the USDJPY during the last 5-6 buying and selling days. The vary was solely 54 pips. The value did lengthen that vary however solely to 61 pips. Massive deal.
The chart above reveals the buying and selling vary for a weekly bar going again to August 2017. The present buying and selling vary of 61 pips was equal to the February low. Going again to August 2017 have solely been 5 buying and selling weeks the place the ranges had been lower than 61 pips. That is not a variety of weeks. Can we get an extension earlier than the tip of the week?
Drilling all the way down to the hourly chart, the ups and downs at the moment make it appear tough to see any kind of momentum run. The low value at the moment reached all the way down to 107.175 the excessive value has prolonged as much as 107.29. That’s solely 22 pips on the day.
Technically, the value is presently beneath the 100 and 200 hour transferring averages (blue and inexperienced traces within the chart beneath). Bearish. The value additionally tried to maneuver above the damaged 38.2% retracement at 107.359 solely to fail. Bearish. The value is presently buying and selling across the lows from Monday and Tuesday on the 107.239 – 25 space. Keep beneath could be extra bearish.
The subsequent goal is available in at 107.112. That’s the 50% retracement of the transfer up from the June 23 low. Get beneath that degree wouldn’t solely lengthen the buying and selling vary however may result in additional draw back probing with the 107.00 degree adopted by the 61.eight% retracement at 106.866 as potential targets going ahead. It isn’t all that a lot but it surely’s a step within the non-trend route.
Spoiling that bearish social gathering could be a transfer again above the 107.25 degree after which the 38.2% retracement at 107.359. Doing so and had been again within the meat of the non-trending vary.