Stocks up. Yields up.
The USDJPY has moved higher today mostly on the back of:
- Less tension in No. Korea
- Higher stocks
- Higher US yields
The economic data out of Japan today showed GDP growth of 1.0% vs expect of 0.6% (QoQ). It did not help the JPY much.
Technically, the price moved moved above a broken trend line on the hourly and moved to the next target at the 100 hour MA (blue line in the chart above). The price traded above and below the 100 hour MA in the London morning session, but the last two hours has kept a ceiling against the MA line. That MA line comes in at 109.658.
The US stocks open in a few minutes. There is no more economic releases. However, the President did quickly counter punch with a tweet back to Merck CEO President Frazier for his resignation from Trump's industrial business council. I guess eyes will be on the drug sector today as a result (and what type of stuff will come out of the White House in reaction to the tweet).
