The EUR/JPY had a slow month. We closed May higher by 152 pips or only 1.2 percent. We opened the month at 121.72 and closed it at 123.23. Even the high/low range is not much bigger at 316 pips. This compared with +600 pips ranges in each of the four previous months.
If we drill down on the lower time-frame charts this aimless volatility is even easier to notice. Until we break either 124.66 or 121.47 the prudent course of action is to bet on prices staying flat.
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