USDJPY approaches the 100 day MA (again)
The USDJPY has dipped to a new session low and in the process is moving away from a topside trend line on the hourly chart below and its 100 hour MA at 108.989.
The low just reached 108.82. The 100 hour moving average is now close risk for the sellers. Move back above that MA and then the topside trend line and the buyers will have wrestled control away from the sellers.
The next target on more weakness would look toward the swing lows for the week (108.72 to 108.76 and the low for the week at 108.577) , and the 100 day MA between those levels at 108.716.
The pair trading above and below its 100 day moving average yesterday and tried to run lower, but hey rebounding stock market into the close help the pair recover.
Today, the NASDAQ index is set to open higher helped by Amazon earnings which blue way expectations. The S&P and Dow however are expected to open on the downside. So mixed signals from those markets.
US yields are moving lower which tends to depress the price of the USDJPY. The 10 year is currently down 3.4 basis points at 1.552%.
Gold prices are higher which can be a negative for the US dollar. The price spot gold is up $5.25 or 0.33% at $1579.44.
