Holds 50% on the last dip
Yesterday - and in early trading today - the USDJPY held below the 50% of the move up from the February 3rd low to the Feb 11 high. That level comes in at the 118.66 level.
In the London session, however, the price moved above the 50% level, turning the bias back to the upside (see blue numbered circles in the chart below). The price is also back above the 200 hour MA ( green line in the chart below at 118.77). US yields are a bit higher in trading today with the 10 year trading at 2.0556. This may be providing some support to the US dollar.
Traders will be watching these broken technical levels for support now. Stay above the 50% and 200 hour MA at 118.66 and 118.77 respectively, and the 100 hour MA (blue line in the chart above at 119.05), and high from Friday at 119.18 will be eyed as the next targets. Move below, and the upside momentum seen in trading today, likely fades away.
