The pair continues to trade in a range
USDJPY expanded above a swing zone between 105.72 and 105.74, but was unable to break above the September 30 high price of 105.797 yesterday. This higher surge spread to the Asian session, but couldn’t break the ceiling.
The next lower move looks at its 100 and 200 hour moving averages in the 105.52-53 area (blue and green lines in the chart above). The pair could not expand below the moving averages. Sellers turn to buyers.
The pair is currently halfway between moving average support and ceiling resistance.
The good news for buyers is that the pair is trading towards the upper end of its non-trending range for the past 9 or so trading days, and above its 100/200 hour moving averages. This gives a little tilt in favor of buyers.
However, the ceiling remains an obstacle to reach and cross (and stay above).
The battle continues, as does the non-trending price action in this pair.