The USDJPY is trading to a new session high and in the process has extended the gain on the day to 0.5%.
Looking at the price action today, the price moved above the 100 hour MA in early Asian trading and in doing so, also extended above a channel trend line.
That 100 hour MA was briefly broken in the London morning session on a rotation back lower, but the underside of the broken trend line could not be re-broken. The price rotated back higher extending to the new session high up to 137.34.
On the topside, the swing low from November 28 came in at 137.485. Above that the swing low from November 30 at 137.65 and the high from last week at 137.85 are targets to get to and through.
On the downside, it would take a break of the 100 and 200 hour MAs to tilt the bias more to the downside for the pair going forward. Admittedly, the price has been trading above and below the 100/200 hour MAs over the last week as the market awaits the CPI and the Fed decision this week.
US yields are rebounding in morning trading. The 10 year is up to 3.567%. The is near unchanged. The 10 year was at 3.543% at the start of the NY session.
