Stocks set to open near unchanged
As the US stock market is looking to open near unchanged levels, the USDJPY is trading up to test its 100 hour moving average currently at 107.584. Earlier today, the pair fell below the 200 hour moving average at 107.362 but could not muster momentum through recent swing lows this week at the 107.327. The failed break has led to the rebound back up for the retest of the 100 hour MA.
Those moving averages will be the next guiding light for traders as the Friday (into the 3 day weekend) trade gets underway the stock market. Move above the 100 hour moving average and there should be more upside probing. Stay below and I can see a rotation back down toward the low technical targets (200 hour moving average and recent swing lows).
