200 hour moving average below stalls the fall. 100 hour moving average above stops the rise
As the time ticks toward the opening of the US stock market, the USDJPY is mired between moving average support below and moving average resistance above.
Looking at the hourly chart, the 200 hour moving average stalled the fall in the late Asian session at the 106.778 level. The subsequent rise to the days high in the early North American session has found willing sellers against its 100 hour moving average (blue line) currently at 107.11. The current price trades at 106.985.
Risk focused traders are leaning against the technical levels as risk can be defined and risk be limited. At some point there will be a break, but the price action suggests the "market" is not quite sure. In addition to the ping-ponged between the moving averages, the pair has moved above and below its 50% retracement of the May trading range at 106.870. Traders way for a shove away from the neutral area.
A ahead of the opening bell, the major indices are trading lower. The S&P is down around 25 points. The Dow industrial average is down around 260 points.
US yields are mixed with the yield curve flattening. The 2 year is up 0.6 basis points. The 30 year is down -4.5 basis points
