Yields and stocks lower not sending USDJPY tumbling
US yields are lower (by about 4 bps) and US stocks are set to open lower, but the flow into the relative safety of the JPY is not really materializing. The price action has been down and up and down and back up in trading today (see hourly chart). The pair is trading near unchanged on the day.
Technically, the pair ran into support near a lower trend line and the swing lows from May 14 and May 15 at 109.145. That floor held twice today.
On the topside, a trend line, then swing area at 109.424-45, and the fallling 100 hour MA at 109.48 area upside targets that need to successive busted, to hurt the sellers. Stay below and the sellers remain in control.
Stocks getting ready to open. We will see what extreme will be broken and when done, look for momentum in the dirction of the break.
