The range was extended in NY session trading though….from 13 pips to 16 pips
The USDJPY is going no where. It is non trending. Admittedly, the range was extended in the NY session but only from 13 pips to 16 pips….
That is the bad news. The good news is non trend transitions to trend. So be on the lookout for a break and run.
A characteristic of a non-trend market is the 100 and 200 hour MAs go sideways. They are going sideways and converged.
On the bigger hourly picture, the high extreme (high yellow area) is at 107.41 to 107.44. The lower extreme (low yellow area) is at 106.629 to 106.672. Those are the bigger extremes and would be higher and lower extremes on the next run. Those extremes will also be eyed for a break at some point.
For now, just looking for some sort of intraday extension and run hope…..What else is there?