The USDJPY has seen down and up price action with the price now making new lows. The catalyst was a comment that the Fed could raise 50 or 75 at the next meeting but don't get used to 75 basis points
The 100 hour MA remains a barometer for the buyers and sellers. There have been a number of moves below, but momentum has stalled ahead of other targets. The low just reached a new low but remains above the low from yesterday at 133.864. Move below that level and the 200 hour MA at 133.48 becomes the next key target. The price has not traded below that MA since May 30.
With the price now moving away from the 100 hour MA, that is now risk. Traders would not want to see another failure if the sellers are to take back some control and probe the downside. DO NOT GO ABOVE 134.46.
Helping now is a move lower in the US yields.
- 2 Year 3.26%, -17.5 bps
- 10 year 3.377%, -9.8 bps
- 30 year 3.398%, -2.8 bps
Stocks are moving higher as well:
- Dow +457 points
- S&P +80 points
- Nasdaq +354 points
