Sellers more in control with US yields lower. Stocks up in pre-market trading
The USDJPY moved to the lowers level since May 15 in the London morning session. Yields are lower weakening the USD. Stocks are up in pre-open trading. That balances the market a bit (typically).
The price action and technicals have more of a bearish bias.
- The price is lower on the day (closed at 109.52 and trade at 109.42 currently).
- The NY session high just tried to push above a topside trend line only to back off
- There iss a swing area at 108.42-45. We are currently just around that ares.
Now the pair did move below the low from last week at 109.266 today and bounced. So not is all lost for the buyers looking for a rebound. However, staying below the trend line, still keeps me leaning more in the sellers camp until that trend line can be breached with momentum.
