Not going very far

The USDJPY closed yesterday at 110.156. The price just peeked above that line at 110.17. We are back to 110.10. The prior London highs for the day had stayed on the low side of the close line by a pip or so. Sometimes crossing that 0 (unchanged) line, makes a difference, especially when traders use it as a technical ceiling.

Other levels to eye include 110.30 area. On September 1 (unemployment day), the price spiked higher but then used the 110.30 area as a ceiling. Above that, and the trend line cuts across at 110.42. The employment day high came in at 110.475 and the high from August 31 stalled at 110.663.

On the downside, the 109.827 was the swing high from September 4. The 200 bar MA on the 4-hour chart (green step line) comes in at 109.717.

I know we are in the red today, and there are levels above in the way but it seems the try lower today just could not gain any momentum. Get in the black and things will look better.

Stocks are opening with declines that should not help the upside. The S&P is down -4 points or -0.16%. The Nasdaq is down -16 points or -0.25%.

US yields are stalled near unchanged levels. I guess the debt market is looking for a push too.

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