100 hour MA and trend line failed break, giving buyers the courage to push higher
The USDJPY has cracked above the 200 hour MA and 50% retracement of the move down from the August 1 high. That break has helped to push the price to the highest level since last Wednesday and toward the 61.8% retracement at 111.366.
The push higher was helped by the failure to attract much selling below the 100 hour MA and trend line in the early NY session.
Helping the pair today is some relief in the Turkish Lira. The USTRY is trading near session lows at 6.2999. The pair was pushing 7.000 yesterday.
Stocks are also moving higher in the US today (helped by less tension). The S&P is up 16.5 points or 0.59%. The Nasdaq is up 44 points or 0.55%. The Dow is up 105 points or 0.42%.
Yields in the US are also a little higher after being lower earlier. That too is helping to give the USDJPY a boost.
