Yesterday the price high stalled at the level. Today, traded mostly above.
The USDJPY is trading above the 61.8% of the move down from the November 2017 high. That comes in at 110.859. We currently trade around the 110.93 level. The high reached 111.08. Yesterday, the market stalled the rally against the level and backed off. The break keeps the bulls more in control, and it is a close risk for the pair for traders today.
Although above the level, the price has traded above and below that level today. So there is some concern but the dip below was modest. The buyers keep control, but the level will be eyed as a close risk level for traders. A move below could solicit more selling so be aware.
Until then the buyers are still in control, with the high for the day at 111.08 and a topside channel trend line target at 111.23 (and rising) targets.
Stocks are opening with modest losses. US yields are also lower today.
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