The USDJPY price is back between the 100 hour MA below and the 200 hour MA above.
The USDJPY moved above its 100 day and 200 hour MA in it's trading yesterday. The move above the higher 200 hour MA (green line) failed. It became ressistance and the price moved lower.
The price moved back to the 100 hour MA where buyers stallled the fall. However, the price fell below that MA as US yields moved lower and stocks weakened. The price moved to the next target at the floor at 107.415. That level was a ceiling yesterday until broken (see red line).
The price has rebounded back above the 100 hour MA and currently tests the 50% retracement at 107.713. The run is despiite the stocks remaining in the red (it is off the lows though) and yields still being toward the lows. Gold is also up about $4.60 and nearer it's high for the day.
Is the rally too much?
Watch the 50% level for sellers.
