Will waffle with stocks
The USD stocks opened lower and is rebounding. That is having an influence on the USDJPY price action.
Looking at the intraday 5 minute chart, the price moved above a trend line and 100 bar MA (blue line) at 109.85, and scooted higher toward 110.00. Expect more up and down volatility.
Taking a broader view on the hourly chart, the fall lower today was able to get below a swing area at 109.76 but stalled at the 38.2% of the move up from the January low at 109.637. Those levels will be eyed by traders if the price starts to head back to the downside.
On the topside on the hourly chart, the 110.227 is the 38.2% of the move down from the 2018 high, and a topside trend line (and high from Friday) is up near the 110.477-50 area.
US stocks are moving down and up and down again.
The S&P is down 24 points at 2738.74. The high reached 2746.23. The low reached 2733.04.
The Nasdaq is down -53 points at 7187. The high reached 7194. The low reached 7151.84.
