Holds above trend lines today
The USDJPY moved higher and lower yesterday. At the lows, traders did an OK job of holding a lower trend line. The price did waffle above and below the 100 hour MA though as traders were just not all that sure what to do. Nevertheless, the trend line and the lower 200 hour MA remained as support.
The pair did rise in the early Asian session helped by some weaker trade data. BOJs Kuroda has also been trying to jawbone a lower JPY (higher USDJPY). That move took the price above a simple trend line and that trend line has been a newer support level as the "market" consolidates the move higher, near the highs. Stay above the underside of the trend line at 110.72 area keeps the intraday bias to the upside.
ON the topside, the 111.00 will be eyed. The price stalled at the 110.94 level as traders may have leaned agaisnt the natural level. The 110.95 was also the last swing low from Feb 14, before breaking lower on that day.
Stocks opening near unchanged levels as I type. US yields are up a little with 10 year up 1 bp and 30 year up 2 bps.
