Yields, stocks helping. Olympic delay may be hurting the JPY too
The USDJPY extends to new session highs. The price just moved above the Asian session high at 111.28. The pair is trading at 111.33 currently.
Higher US yields, higher stocks and perhaps a negative for the JPY because of the Olympic postponement is helping the pair move higher.
Technicals are also in play, as posted earlier, intraday support was at the 100 and 200 bar MAs on the 5-minute chart. The price moved to those MA levels and found support buyers. Getting above the 111.00 level seemed to have given the pair a boost as well.
The highs from earlier this week remain a challenge. They start to line up at 111.35 to 111.584 and are hurdles for the buyers now. We could/should see low risk traders lean against the area just because risk can be defined and limited with stops on a break.
