Advancing ahead of the US stock opening
The USDJPY has moved above its 100 day MA at the 110.489 level.
The USDJPY fell below the key MA back on May 7th (at 110.63) and spent the next 5 days trending to the recent low at 109.01.
The price today has moved up to 110.56, with the next upside target at a topside trend line at 110.67. The 50% of the move down from the April 24 high, comes in around the area at 110.70.
On a break of those levels, there remains a gap at the 110.95-111.05 area from May 3 to May 6th weekend gap. That was the weekend that Pres. Trump said that he would impose new tariffs on China.
On the downside, the 38.2% of the move down was broken at 110.30. That is also near the high from yesterday's trading. Below that is an upward sloping trend line. The low today based at that trend line before moving higher. That trend line comes in at 110.10 and moving higher...
