100 hour MA stalls the rally today, but so does the 200 hour MA.

The ADP employment report came in a touch weaker than expectations at 177K estimate vs 190K expected. The prior month was revised to 189K from 178K though. The initial claims came in at 231K vs 225k expected.

The USDJPY dipped a little off the report but stocks in premarket trading did not. The Dow is up 196 points. The S&P is up near 20 points. The Nasdaq is up about 58 points.

For the USDJPY the price action in the Asian session bottomed after finding support buyers near the 200 hour MA (green line - currently at 110.338). The rally higher took the price to the 100 hour MA (blue line at 110.659).

The price has traded a little above that line over the last 8 trading hours, but with little momentum to the upside. The high for the day reached 110.70. The MA comes in at 110.66.

We currently trade down at 110.547. The 38.2% of the move up from the June 25 low comes in at 10.453. The 200 hour MA is down at 110.338.