Price got within 8 pips of the 100 day MA
As per a prior post today, the 100 day MA would likely find support buyers. The 100 day MA comes in today at 111.117. The low reached 111.194. So the pair got within 8 pips of the key support. Close enough? It was a key support level and the price based from it yesterday.
Above, the trend line was tested and held at the highs today at 111.875. That trend line is higher now at 111.97. I would continue to expect to see sellers near the level on a test.
Helping the USDJPY is higher yields. Earlier in the day the 10 year yield moved to 2.211%. The yield is now up to 2.2428% (trading at the highs). The yield is also above its 100 day MA at 2.2357%.
