Consolidation range continues
The USDJPY has dipped back below its 100 hour moving average currently at 109.819. The price has been trading above and below that moving average over the first 2 trading days of the week. The pair remains above a trend line support at 109.71. At the high today, the price moved briefly above a topside trend line, only to reverse back lower.
US stocks are opening with gains. That should be supportive of the USDJPY. US yields are trading back toward unchanged levels with the 10 year up only 0.3 basis points at 1.573%. The yield hit a high today at 1.5971%. Lower yields is not supportive of the USDJPY. Gold is trading up about $1.00. Higher gold tends to weaken the dollar (typically). The price is near its high for the day at 1574.02. The low extended to 1565.87 earlier.
