USDJPY race higher continues. Non-trend to trend.

Non trend to trend

The USDJPY traded in a 103 pip trading range for 14 days until last Friday when the price broke higher and out of the range.  

Non trend to trend

The pair yesterday corrected lower from Friday’s high and retested the high for the non-trend range before finding low risk defining buyers against the old high ceiling. That hold gave the buyers the go ahead to run back to the upside. The pair closed higher on the day.

Today, that move to the upside has continued with the trend continuing. The pair is currently trading at 110.38. The range since the break (less than 3 days) outside the non trending range is now equal to the 14 prior days, Non trend transitions to trend. That is what we are seeing in the USDJPY pair. 

Drilling to the 5-minute chart below, the price has been trending above the 100 bar MA on the 5-minute chart for most of the day today. That MA currently comes in at 110.23. A move below that MA is needed to hurt the trend bias today.   The 38.2 to 50% of the last intraday trend move higher is also in play at 110.163 to 110.221. As long as the price stays above that area, the buyers intraday are still in control (remember it is just the retracement of the last trend move higher).  

EURUSD on the 5-minute chart

One of my 5 tips to trade like a pro from a recent video, talked about non-trend to trend.   You can watch that video HERE.

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