USDJPY LOOKS TO U.S DATA POINTS
The USDJPY pair is currently struggling for direction in Friday trading, with the pair increasingly range bound and lacking in volatility. During the European session, the USDJPY traded in a tight 20 pip trading range between 111.10 and 111.30.
Upcoming U.S economic data may provoke a move in the pair, with U.S PMI services and manufacturing data, in addition, traders look to the release of new home sales and a key speech from FED member Jerome Powell.
In the short term, the USDJPY remains defined between the 110.90 and 111.45 range, a clear break from this range should then help the pair find an intraday trend.
Key support the USDJPY remains the H4 time frame 100 period moving average at 110.51, and the monthly pivot at 110.30.
To the upside, resistance comes from the former swing high at 111.81 and the daily time frame 200 period moving average at 112.33.