USDJPY moves higher and tests 200 hour MA after US retail sales data
200 hour MA at 108.35. The 100 hour MA is at 108.44
The better (with revisions included) retail sales for May (and April) has sent the USDJPY back to the upside. The better data sent the pair from near the lows at 108.16 area, toward the 200 hour MA at 108.353. The price has moved to a high of 108.40 so far. Above the 200 hour MA sits the 100 hour MA at 108.441 (blue line). A topside trend line cuts across at 108.52.
Yields in the US have moved back toward unchanged area after being down about 2-3 bps at the start of the session. Stocks are lower with the Nasdaq down -48 points, the Dow down -49 points and S&P down about -7 points in pre-market trading. What happens if the Fed does not give cut signals next week? The chances of a cut in July was hanging around 80% at the start of the day.