Technical Analysis

USDJPY can stay above 100 hour moving average

The  USDJPY  has seen down and up and back down price action today.

The Asian session high did find sellers against its 100 hour moving average (blue line in the chart above). The subsequent move to the downside saw dip buyers near a swing area between 128.63 and 128.736. The price bounced off of that area and moved back toward the 100 hour moving average line.

The most recent move back to the upside saw the price extend above the 100 hour moving average at 129.61, only to find sellers near the Asian session high at 129.632. The inability to keep momentum going has once again turned buyers into sellers. The current price is trading at 129.11.

Traders need to get and stay above the 100 hour moving average but are fighting the potential for lower stocks and now lower yields as investors moving into the relative safety of the US debt

US stocks are set to open lower as per futures markets:

  • Dow industrial average is projected down -55 points
  • S&P index is projected down 17.4 points
  • NASDAQ index is projected down -72 points

In the US debt market, yields are lower with the 10 year yield at 2.899%, -2.3 basis points on the day.

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