Stay above the 100 hour MA keeps the bulls in control
The USDJPY technical story has been similar all week.
The basic technical theme is :
- Stay above the 100 hour MA (blue line at 110.003 now) is the most bullish scenario
- Stay above the old December ceiling at 109.675-723 area is still bullish
- Move below the old December ceiling shifts the bias more to the downside.
The price is currently trading at 110.16 after reaching to a new high of 110.283. The high from Tuesday was breached at 110.201.
If there is a less bullish clue(s), they might be that
- the price is back below the 110.204 old high from Tuesday. The price needs to get back above the level
- The high today stalled ahead of the underside of the broken trend line
I still give the bulls more control until the 100 hour MA can be broken, but traders looking to sell have some small reasons to sell too. However, I would not waste a lot on the effort.
Stocks are set to open higher with the Dow futures implying a 82 point gain, the Nasdaq up 36 points and the S&P up 8.29 points.
The US yields are moving higher (supportive of the dollar) with the 10 year up 3.3 bps at 1.8408% after being as low as 1.811% earlier today.
