The USDJPY is not moving. The range is 29 pips. That compares to the 22 day average of 64 pips. The range on Friday was not much better. The pair on the hourly chart below is trading between upward and downward sloping trend line at 106.944 above and the upward sloping trend line at 106.70.
At some point the non-trend will trend. That may present a low risk, higher reward opportunity.
As a result, traders will look for a break. That will start with a break of the one of the trend lines.
On the topside, if the topside trend line is broken, the next steps will be a break of its 100 hour moving average at 107.027 and 200 hour moving average at 107.108. Each of those moving averages have not been broken cents June 8/June 9. Get above each of those levels and we should see increased upside buying momentum.
On the downside, the fall below the lower trend line as the low from last week at 106.66 and then the double bottom from June 11 and June 12 the 106.565 to open up the road for more downside momentum.
How far the breaks go is unsure. However, what we know is there may be some pent-up buying or selling as a result of the non-trending nature of the pair of late.
Look for a break with momentum