USDJPY bounces off the 200 day MA again

Technical Analysis

Author: Greg Michalowski | usdjpy

Fed Williams "economy strong" helps

The USDJPY fell back to the 200 day MA in the early NY session and bounced. The comments from NY Fed Pres. Williams is helping the dollar a bit as he says the economy is strong.  He is also stressing more data dependency with regard to monetary policy and balance sheet plan.  The balance sheet auto-pilot plan that Powell talked about was a worry to the stock market earlier this week.   Stocks are moving higher now.

The USDJPY fell below a lower trend line yesterday on the way to the 200 day MA. The underside of that trend line comes in at 111.484.  The 38.2% of the move down from the end of Wednesday high comes in at 111.514.  Those levels are targets to get above if the bulls are to take back more control. The high for the day reached 111.44 earlier. 

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