Above trend lines

The USDJPY has moved to new NY session highs and tests the high from the Asian session at 112.95. The high from last Thursday reached 113.04 before coming back lower. That level (the natural 113.00 level) and the 100 day MA at 113.14 loom large ahead.

As posted earlier, the low today did pierce the 100 hour MA but it could not stay below. There is something about the level. Yes it is broken, but until sellers can do more (like close convincingly below), the buyers remain in control.

In related markets:

  • US yields are higher with the 2 year up 2.4 bp, the 5 year up 2.9 bp and the 10 year up 3.6 bp.
  • US stocks are not doing much today. So although the USDJPY is at the highs, there is not a rush into JPY crosses on risk off trading.