Dollar moving lower overall.
The USDJPY is moving to a new session lows as a run to the downside of the USD helps to send the pair lower.
The USDJPY is testing the low from the 1st hour of trading today at 107.51. The low just reached 107.515. A move below will look toward the swing high from last week at 107.446. Below that and the 50% and upward sloping trend line at 107.31-335 would be targeted.
On the topside, if the high is in place, the 107.635 will be eyed as close resistance. That was the swing low from the early European session. The highs today at 107.79 and the high from yesterday at 107.879 are the upside targets. Just above those highs is the falling 100 day MA at 107.901.
Taking a broader look at the daily chart, the pair in June reached toward the May low only to find early buyers against the low. The run higher stalled yesterday near the 100 day MA AND the 50% of the range since May. That midpoint level comes in at 107.913. The combination of the 100 day MA and the 50% midpoint make for a key resistance level. Move above is more bullish. Stay below keeps the seller in control.
The GBPUSD, AUDUSD and NZDUSD reached new highs and the USDCHF reached a new intraday low as the dollar fell in unison.
