Reversal on the break
The USDJPY moved above its 200 hour MA for the 1st time today since March 15th at 111.28. The high extended to 111.538 - short of the highs from last Wednesday at 111.587 - but we have just seen a quick reversal back below the MA line and currently trades at 111.16. The break above is failing.
I am not sure what caused the quick reversal but activity has become choppy as a result and the buyers are failing on their attempt to take control above the MA level. Bearish.
US stocks are opening around unchanged levels.
WTI crude oil peaked above $50.00 to $50.05 (currently at $49.92)
Gold is down $4.50 but off the lows
US 10 year yield is up 1.6 bps to 2.3927%
HMMMM
There are reports that 1B of options go off at 111.00. We are currently approaching that level. We may find support around the level as a result.
UPDATE: There is a report that Trump is looking into currency manipulators. The "I want a lower dollar" rhetoric seem to be weakening the dollar...
The EURUSD has also reversed higher after its fall below the 100 bar MA on the 4-hour chart.
PS Fed Mester will speak at 9:45 AM ET. Fed's Williams speaks at 11;15 AM ET and Kaplan speaks at 2:00 PM ET.