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USDJPY back at the 100 and 200 hour MA as sideways price action continues


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The sideways story remains the same for the USDJPY

The sideways story remains a same for the USDJPY today. The pair has been moving up and down in a confined trading range. At the lows, a break of the 111.757 level was tried but it quickly failed after a couple pips. The price is backup testing the 100 hour and 200 hour moving averages at 111.893 and 111.929 respectively. A move above each should tilt the bias a little more to the upside.

The pair has been confined mostly to a rnge of 111.75 to 112.159 since April 12. That is not of price action. However, at some point, the pair will make a break and run outside the box. 
A move above the 100 and 200 hour MA and then the 112.00 is eyed between the extreme at 112.159.  Get below the 111.75 and then the failed break low at 111.654 (also the 38.2% retracement) to give sellers the stronger upper hand.

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