The USDJPY is ticking near the high for the trading day and in the process, testing a topside trend line.
USDJPY trades at the highs for the day.
The pair has been confined in a trading range over the last 8 days with all sorts of up and down moves along the way. The last low floor came in post the FOMC meeting. That move took the price between the 117.17 and 117.32 correction of lows – bottoming at 117.238. The most recent highs are spread between 118.647 to 118.849.
Non trending transitions to trending at some point. Is a break around the corner, or further down the road? No one really knows. However, until a break, traders will likely use the extremes to buy low and sell high. However, I am sure there will be an eye on a break with momentum that will signal the consolidation phase is over.
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