Moving toward MAs and close from yesterday
The USDJPY fell in the Asian session and in the process fell to the 50% midpoint of the move down from Friday's high at 105.584. That midpoint level held support.
The rally off the low is up testing a downward sloping trend line at 106.06. Just above is the close from yesterday at 106.10 where the 100 hour MA is currently at as well. The 200 hour MA is a little higher at 106.223.
So the pair is running into some overhead resistance.
As I type, the price has dipped back down below the 106.00 level at 105.95. Stocks are giving up some of their gains (see earlier post outlining topside resistance for the S&P and NASDAQ), and the yield curve continue to invert with the 2-10 at -4 bps now.
