USDJPY has been in a range bound, thus not very interesting to trade.
The above Daily chart shows the prices are strongly blocked by MPP level (120.90).
If we see Hourly chart (below), the prices are forming 2 ranges, Inner range (119.70-120.60) and Outer range (119.20-120.90). I expect this range bound continues for some time.
So your options are
- Range Bound Play
- Trade USDstraight pairs
- (optionally) if you do want to trade YEN pairs, I suggest you trade GBPJPY or EURJPY
Hope this info helps you a bit.
YJ Baik – Forex.Today @ Tokyo