Watch the 110.61 to 73 area
The USDJPY is rallying into the US stock opening. The major indices are expected to open lower but they are off the lows. The S&P is now down -5.25 points. The Nasdaq is down about -16. They were down -9.5 and -25 points earlier.
Technically, keep an eye on the 110.61-73 area. That area had some swings over the last 8 or so trading days. Stay below is more bearish. Move above and we should see more buying.
If you like to sell a correction, eye this level. Sellers need the lows taken out.
If you see this area as a floor (we do have higher highs at each of the recent lows), a move back above should see a move back toward the MAs above (111.00 to 111.227 area).
