Stocks up but yields lower

The USDJPY is trading near unchanged levels in an up and day session. The Asian session saw prices open and move lower but the 100 hour moving average and lower trend line stalled the fall. The low reached 109.55. The rally to the upside reached an Asian session high price at 109.873. Those extremes are the extremes for the day as well.

Stocks up but yields lower

The New York session has seen a dip to the 109.65 level. Going back to January 23 and 24 that was home to swing highs. On Wednesday last week the price also based near that level. Admittedly, on Friday and earlier today, the price moved below the level only to rebound fairly quickly. The rising trend line is also near that level on the hourly chart above. Keep that 109.65 area on the radar for bias clues today. If the price breaks below with more momentum, it could turn the buyers and sellers and probe further to the downside with the 109.54 as the next target to get below followed by the 38.2% retracement at 109.352.

On the topside the trend line on the hourly chart cuts across near the 109.77 level. Like the lower trend line, more momentum on a break above would have traders looking toward the high for the day at 109.87, and then the highs from last week near the 110.00 level