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USD/JPY swings inside a broadly defined range for the time being

Yesterday evening an update here right as the Fed cut rates noted the reaction and price action outlook in the USD/JPY. In that update the reader was noted of levels either side of the 153 handle and that covered support at 152.60 and resistance at 153.40. Well, guess what? Those levels have pretty much defined the price action since then and we have seen the dollar swing a few times approximately inside that range. The exact range since the Fed rate cut has been covered by 152.55 and 153.47. It is towards the lower end of that this morning and of course there is no guarantee that range will hold as the day unfolds. So far today 152.55 and 153.37 has covered it though. The USD/JPY is currently trading at 152.77
 

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