Above 100 day and 100 hour MAs below..
The USDJPY moved back above it's 100 hour and 100 day MAs yesterday. Those MAs come in at 107.945 (for 100 day MA) and 107.976 (for the 100 hour MA) today. The price has stayed above both today with the low reaching 108.015 in the Asian session. Stay above, keeps the buyers in control.
On the upside, the 108.254 was the high price from last week (Friday's high). The high today did extend above that level to 108.364 but in the London and NY session, the price has kept that level as a ceiling so far.
Looking at the daily chart below, the high today stalled ahead of the 50% retracement of the move down from the April high. That level comes in at 108.413. A move above that level would look toward the topside trend line on the hourly at 108.50 before there is more open bullish road ahead.
So a battle is on with the key 100 hour and 100 day MAs below providing support and the 108.254 as first resistance target above, followed by 108.364 high for the day, the 50% midpoint on the daily, and 108.50 topside trend line off the hourly. Overall, the buyers have the edge (above those key MAs) but they still have to keep that control and push above topside technical levels.
Stocks are looking to open marginaly lower (which should be slightly bearish). Yields area lower but off the day's lows after the better IP and Capacity Utilization level. The data did not help the pair much though.
