Trades to a new NY session high
The USDJPY is inching higher helped by higher stocks. The Nasdaq is up 10 points now after being down close to -67 at the lows, and yields are higher with the 2 year is up 2.2 bps and the 10 year up 0.8 bps (they were negative earlier in the day).
For the USDJPY, the price action stalled near a lower trend line. Yes, the line was broken, but the selling momentum could never get going (only a few pips below the line). Yes, the price rises are minimal too. We can't get too excited about the upside momentum.
Nevertheless, if you give the nod to the buyers for keeping the choppy trend more to the upside vs. the downside (at least above the trend line).
