Earlier test turned away. Now getting the 2nd test
The USDJPY has seen the lagging 100 hour moving average catch up to the price today. That moving average currently comes in at 106.223. Earlier today the price got within a few pips of that level and backed off. The price is back up and looking to retest the level. The I just reached 106.198.
Decision time for the pair. Move above and we should see additional probing to the upside, with 106.32 followed by 106.63 as upside target's
Stay below, and I would expect an extension of the relatively narrow range (40 pip range versus a 22 day average of 71), with a target at 105.786.
US yields have moved higher (after being lower earlier in the New York session). The 10 year is up 1.7 basis points or 1.7516%, with a high yield of 1.7602%.
US stocks are also helping with the Dow currently up 140 points and the NASDAQ up 46 points in premarket trading
