Yields are still lower. Dow up. Nasdaq unchanged in pre-market trading
The USDJPY moved higher on the back of the better data today (claims and Retail sales). The price moved to a London session high at 112.02 from 111.87 before the number, but it currently trading at 111.92. So the pair is not running.
Technically, the run higher got above the 100 hour MA at 111.966 but is back toward that level. If the pair is to go higher today, there needs to be more buying above that level. It will be a barometer for bulls and bears. Right now, it is on the verge of failing.
On the downside, there was also a fail below the 111.795 -839 area earlier in the day. That area was home to a number of swing lows and highs going back to April 5th. The price dipped below that level in the London morning session after weaker data, but snapped back.
So two small breaks, and two fails. The levels at the 100 hour MA above at 111.966, and the 111.795-839 area remains bias levels. Move above would tilt the bias more to the upside. Move below the lower level, and the market may start to ignore more, the better data.
PS. 10 year is down -3.4 bps now. Stocks getting ready to open with the dow up 60 points. The S&P up about 5 points.
The redacted Muller report is also getting ready to be released.
