The USDJPY has been in a tussle to break either higher or lower the past two weeks. Price has been trading in a very tight range and has been unable to move higher or lower to break this range.
The best play in this market is to wait for price to make up it’s mind on what way it wants to go. When price does break out we will have a much clearer pricture of whether this market wants to go long or short.
Entering before this range is broken could end badly because as long as the range holds we would expect price to bounce from the high to the low and vice versa and for price to stay contained.
USDJPY DAILY CHART
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