Major indices have big pre-market gains
The US stocks are trading sharply higher ahead of the stock market official opening at the bottom of the hour. The Dow is up 685 points. The S&P is up 72 points and the Nasdaq is implying an opening of +130 points. The S&P gain is about 2.5% from the Friday close.
Technically, the price based today around the 107.08 area which has been a swing area going back to May 1 (see red circled numbers). The low price was at 107.061 today.
The rise has also taken the price away from the 100 hour MA at 107.133. That is nothing new. On Wednesday, Thursday and Friday the price moved above the MA but were not able to extend higher. This is another go at a break and run. The price has to stay above.
The price has even moved above the most recent swing highs from Friday and Tuesday around the 107.42 area. The price has backed off since, which is disappointing. However, overall for the day, the buyers are taking more control, with the caveat, it would be nice to see more momentum.
Like the EURUSD, the USDJPY trading range has been extended for the day but is still only 39 pips. The 22 day average is 63 pips. So there is room to roam.