Still below the Asian Pacific peak
The USDJPY has moved to a new London session high at 114.01. US stocks are trading at session highs with the S&P up 0.41% and the Nasdaq composite up 0.49%. The Dow is also up about 0.49%.
In the US debt market the yields are higher with the the 10 year up about 3.7 basis points to 2.443% (high at 2.4448%).
The USDJPY is still below the high from the Asian Pacific session at the 114.162 level. Looking at the 4-hour chart above, the 38.2% of the move down from the January 2017 high comes in at 114.264. The 200 hour MA on the 4-hour chart comes in at 114.554. That is also an upside target for the pair.
Looking at the 5- minute chart below, the trend line held support at point 3 (blue circle) and then the 200 bar MA held support. That gives the pair more of a bullish bias for traders, and we have seen the pair move higher. That 200 bar MA, trend line and 100 bar MA (yellow area in the chart below) is now a risk area for the bulls/buyers. Stay above is more bullish intraday. Move below and the technical bias in the short term, turns more bearish again.
