200 and 100 hour MAs eyed now
The USDJPY is extending the trading range to the downside after the weaker than expected PPI data in the US.
The ranges is now up to 33 pips. That is still well below the 22 day average (about a month of trading) of 63 pips. At the start of the NY session, the range was only 21 pips (very low).
The sellers will be targeting the 200 and 100 hour MAs at 111.15-189. The 38.2% is also in that area. The 50% of the move up come in at 111.01. To give you an idea, a move to the 111.01 would take the days range to 63 pips which is the average over the last month.
There is room to roam and the sellers are making the break away play.