Buyers keep the pressure on sellers
The USDJPY is trading at the day's highs (making a new high as I type) after the NY session correction could not get below the 110.278 area (or rising 100 bar MA on the 5-minute chart). In a earlier post, I commented that the level needed to break to tilt the bias more to the downside. That could not be done. Buyers remain in control.
The corrective low for the NY session could only reach 110.31.
Buyers remain in control.
Looking at the daily chart, the pair is trading away from the 110.374 level (high of swing levels The 110.81, and 200 day MA at 111.244 are upside targets on the daily chart now.
Helping the tone for the pair is yields are moving higher in the US. They are up 2.1 to 3.5 bps and trading near highs for the day.
Stocks are mixed with the S&P and Nasdaq up marginally. The Dow is down marginally.
- S&P is up 3.55 points or 0.13%
- Nasdaq is up 17 points or 0.23% at 7315.31
- Dow is down -14 points or -0.05%