US stocks give up gains too
The stock futures are giving up earlier gains and are working back toward unchanged on the day. THe NASDAQ index is only up 1.82 points. The S&P futures are implying a 2.75 point gain.
The USDJPY closed on Friday around the 109.49 level. That is where the prices trading around after moving up to a session high of 109.723. The high today took out the high from last Friday (and the week) at 109.664 but momentum could not be sustained.
Technically, looking at the hourly chart above, the price just dipped below a trendline at the 109.534 level. On the downside, the low from Friday at 109.392 and the rising 100 hour moving average at 109.389 are looming. The price has not been below the 100 hour moving average since November 22. A move below that level would be more bearish with the low from Thursday at 109.325 and a lower trendline at the same level as another downside target to get to and through.
Taking a broader look at the daily chart, the high price today traded at the highest level since May 30. It got closer to a topside trend line at 109.93, but with a high of 109.723, it was still nearly 21 pips short of that key target. Keep that level in mind should there be a reversal back to the upside.
