The technical story remains the same for the USDJPY

Technical Analysis

Author: Greg Michalowski | usdjpy

Stay above the 100 hour MA keeps the bulls in control

The USDJPY technical story has been similar all week.  

Stay above the 100 hour MA keeps the bulls in control
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. 

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