Risk off flows abate a bit today
The risk off flows have abated a bit today and that has helped to support the USDJPY modestly.
- Gold is lower by $10.55 or -0.66% $1578.63
- The premarket opening bell for stocks imply higher levels with the Dow industrial average up about 130 points, and the S&P index up around 17 points
- US yields are higher with 10 year up 2.55 basis points.
For the USDJPY, the price action on Friday spent the last 7 or 8 hours mostly below its 200 day moving average at 108.423 (currently). The price moved above that moving average in the Asian session and apart from a pip, stayed above that moving average line at 108.423 (the low in the London morning session reached 108.413). If the 200 day moving average can hold support, that would give intraday buyers some confidence.
On the topside the 108.578 was the low from last Thursday and has also been a intraday high on 2 occasions today. The price did move above that level to a session high at 108.70, but stalled just ahead of its 100 day moving average at 108.716. Getting above the 108.578 and then the 100 day moving average at 108.716 would be more bullish for the pair.
The US stock opening bell is ringing. We are off and away.
