Completes up and down lap
The USDJPY fell to a NY session low at 112.726. That completed the UP and DOWN lap for the day (the low was 112.74 in the 1st hour of trading today.
The price is back up trading at 113.026 and is back in the black for the day (closed at 113.85). This is on a day when the 10 year yield is currently up 3.2 basis points and the stocks are on fire with Dow up over 200 points and the Nasdaq up 100.
The high today stalled before the 100 hour MA - blue line currently at 113.299. If the pair is to extend higher, that MA will need to be broken, remain broken and then get above the 200 hour MA. ON Monday, the 200 hour MA was busted for one hour. The next hour, it was back below and working it's way to the lows.
The EURJPY and GBPJPY are also rebounding and are now trading just above their 100 hour MA at 132.95 for the EURJPY (trading at 132.98) and 148.939 (trading at 149.02) or the GBPJPY.
