100 hour moving average at 109.478

The USDJPY has cracked to a new session low and in the process is working his way closer to the rising 100 hour moving average at 109.478. The price moved above that moving average on Tuesday and has not looked back (The price broke the 100 hour MA at 108.805 on Tuesday).

100 hour moving average at 109.478

The run to the upside squeaked out a print just above the 110.00 level at 110.012, but that was it. The price action in the London morning session into the jobs report was down and up. The last swing high after the jobs report reached 109.987 - just below that natural 110.00 resistance level. Sellers leaned.

A move below the 100 hour moving average would have traders looking toward the 38.2% retracement of the move up from last week's low at 109.352.

On the topside, watch 109.65 to 109.75 area. Stay below and I give the nod to the sellers.

Stocks are lower today with the NASDAQ down -0.60%. The Dow is also down by that amount. The US yields are lower with the 10 year down -5.5 basis points and the yield curve getting flatter (2 years are down 3 bps today). They support the lower USDJPY in trading today.