USDJPY runs up to test the 100 hour MA. Key MA target reached. Do the sellers come in?

The USDJPY USD/JPY The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting Read this Term has followed the US dollar US Dollar The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel Read this Term higher and is testing its 100 hour moving average 136.462. That move higher comes after the pair moved above the 38.2% retracement of the range from last week's trading. That was also where the price stalled on Friday on the initial spike after the jobs report. The 38.2% retracement comes in at 136.009. It is now a close risk level for buyers looking for more upside momentum.

So far, sellers have kept a lid against the 100 hour moving average. Risk can be defined and limited against the level and traders will use that to their advantage (stops on a break above).

On a break, the 50% of the move down last week comes in at 136.750 and would be the next target for buyers. Above that and traders will look toward the falling 200 hour moving average 137.676.

Last week, the price spiked on Wednesday and reached above the 200 hour moving average (green line in the chart above) on a single hourly bar (at 139.682).

However momentum quickly faded, and the price moved back below that moving average level and then used the 200 hour moving average as resistance.

On the downside, a break back below the 38.2% at 136.00 would look toward 135.81 (a swing low from Thrusday). Move below that and sellers add to their control in the short term.

Meanwhile, US yields have moved higher on the better-than-expected data with the ISM nonmanufacturing index rising to 56.5 will above the 53.3 estimate.

• The 2 year yield is up 8.5 basis points at 4.364%.
• The 10 year yield is up 7.6 basis points at 3.579%.
• The 30-year is up 4.5 basis points at 3.605%

US stocks are lower:

• Dow fell -320 points or -0.93% at 34109
• S&P index is down -50.37 points or -1.24% at 4021.23
• NASDAQ index is down -152.21 points or -1.33% at 11309.33