A really boring do nothing day yesterday with the red short term trend managing to push back above the blue medium term. However, with the purple longer term trend just above there really wasn't a lot of space to play with.
Today is a public holiday in Japan so I don't have much to write about. It could be another tight-range day.
Looking at the 15m chart we can see the red failing to cut back below the blue average, the price is above the PP at 9.775 and yet we are still below the 4hr trend at 9.802.
Should either of these extremes give way then yes, there will be some direction and as we speak, one would have to favour the upside.
I will be looking out for a test of 9.800 or thereabouts and I'd like to see some separation between green, red and blue averages heading up toward the 4hr purple and apply a little pressure .
I'm not expecting any fireworks due to lower volume but there may be something to come back to in an hour or two.
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