The USDJPY has continued its move to the upside. The 10 AM releases did not show the weakness expected. The yields are moving higher with the 2 year now up 7.2 basis points. The 10 year is up 4.6 basis points.
The EURUSD which "sort of went on its own" toward a lower dollar ahead of the 10 AM numbers, have moved back to the downside as the greenback buyers push across all the major currencies now. The EURUSD is now below the 200 hour MA at 1.03488 after trading to 1.0399 and above its 100 hour MA at 1.03807.
Looking at the hourly chart, the USDJPY is moving above its 200 hour MA now at 139.68. The 50% of the move down from last weeks high comes in at 139.865. Get above both is more bullish.
The high last week reached 142.24, so there is room to roam, but the buyers will need to keep the momentum going. The broken 38.2% at 139.304 is another risk/bias defining level as well. The price cannot move back below that level if the buyers are to stay in control.
The buyers are making a play and starting to tilt toward the idea the Fed Chair would keep his concerns about inflation and roadmap of moving rates higher and staying higher. The other pairs are also on boars as the GBPUSD trades to a new low. The EURUSD has reversed back toward the Asian lows as are the AUDUSD and NZDUSD.
