Runs above swing area and undersidde of broken trend line..
The USDJPY is trading at a new session high, as dollar buying kicks in (the GBP, CHF, CAD, AUD and NZD are all making new highs as I type).
Technically, the pair moved above the 108.60-645 area in the last run higher, which will now be close intraday risk.
Drilling to the 5-minute chart below, the pair has been trending higher since 8:30 AM ET. When the 108.24-27 area was broken, there really has not been much in the way of a correction. The last leg higher (from a modest corrective low at 108.423) has the 38.2-50% of the that leg at 108.57-609. Stay above that area on a correction keeps the buyers (and the trend) alive.
US yields are helping with the 2 year up 4.2 bp and the 10 year up 3.7 bps.
Stocks are lower though with the S&P down -17.6 points or -0.58% and Nasdaq down -0.93%. Typically, the USDJPY falls with lower stocks.
Gold is down -$13.38 at $1413.30. When gold moves lower, the dollar tends to move higher (or is it when the dollar moves higher, gold moves lower?). In any case, golds fall is congruent with a dollar rally).
