Auto sales better too
The USDJPY is pushing higher in pre-stocking opening enthusiasm. Auto sales are better too which is giving the dollar a bid., GM is just reporting their sales and they were up 15.7% vs 3.6% estimate (Edmunds estimate). As Adam reported, this will be the last monthly report for the big US producer. They will report quarterly going forward.
For stocks, the S&P closed below its 200 day MA for the first time since June 2016. At that time, it was only for 1 day. The 200 day MA is around 2590. The S&P index is expected to open back above that MA line. Will it be another one and done?
For the USDJPY, the price cracked its 100 hour MA at 106.287 and ran. The pair will look toward the 106.60-69 area now (yellow area). That is home to some swing levels (see green circles).
Looking at the daily chart, the 106.83 is a topside trend line. That would be another upside target on a break of the 106.60-687 area. Above that and the March high at 107.00 will be eyed.
