Rotates lower...
The USDJPY moved above the 100 hour MA earlier today (see post here) and held that MA line on a test before moving higher. You can see the hold on the 5-minute chart below. The pair was holding a trend line also at that line. The price moved higher.
The next high "possible" target was the 50% retracement at 110.691. That is of the trend move down from the March 20 high. The high price moved to 110.683. The price stalled (see prior post here) and has moved lower.
The net result technically, is the pair has found the top target. It has also found the lower support (at the 100 hour MA at 110.399 currently. The buyers are in control today, but there is some reason to stall too. So the battle is on.
10 year yields are still higher (up 4 bps). The US stocks are up by about 1% but a little off the highs.
Speaking of "possible" target, what do I mean? If you haven't checked out the latest video, click on the link below.
