Stocks continue to give back gains
The USDJPY has retraced back lower and in the process cracked a lower trend line and tests the 100 hour MA. In an earlier post, I spoke of the new 2019 high, but with concern about the failure to push higher (see post here). The concerns were warranted. The price has moved back lower.
The break back below the trend line at 109.614 currently, now makes that level a risk level for sellers. The 100 hour MA (blue line) if broken should solicit more selling. The pair closed at 109.34. The low just reached 108.495 (at the 100 hour MA level).
The US broad indexes are now trading down on the day:
- S&P is down -2.5 points
- Nasdaq is down -12 points
US yields are also near unchanged levels after being higher earlier in the NY session.
