The run lower cannot get below the swing lows from Monday/Tuesday near 109.183
The USDJPY moved lower in earlier trading and in the process looked to test the lows from Monday and Tuesday near 109.183. However the low could only get to 109.218 before buyers leaned against the floor area. The price of the last hour has extended above the earlier highs for the day at 109.506. The price has extended to 109.583.
The next key targets come against the 100 and 200 hour moving averages which are near converged at around 109.63. A swing area is also between 109.617 and 109.700. If the pair is to tilt the bias more to the upside, getting back above that area would solidify a more bullish technical view. Stay below, and the pair remains with more of a bearish slant.
The low to high trading range is still only 37 pips. The average over the last 22 days is nearer 57 pips.
I just heard on CNBC that the S&P index has caught the narrow range bug. It is in the narrow is trading range of the index for the year so far. UGH.