Nasdaq runs to new highs but backs off
The USDJPY swung back into the black, joining the USD buying after a dip lower earlier in the day. That dip in the USDJPY earlier did break below the 200 and 100 hour MAs (and also the underside of a trend line).
However, as stocks moved back higher (the Nasdaq just traded to new session highs) and VP Pence on China comments have been relatively tame, the pair has been supported. However, in recent minutes the stocks have moved back lower. There is some recent stock volatility (Nasdaq peaked at 8187.04 but is back down at 8169.95 currently)
Technically, the 100 and 200 hour moving average is now support for the pair. They come in at the 108.535 -108.563 area. The price is testing the 200 hour MA now (green line). On the topside, the 108.717-75 area are the topside targets.
Overall this week,, the USDJPY has traded in a narrow 51 pip trading range. That is narrow. The buyers at the high tried to extend earlier today, but that break failed. Yesterday, the price fell below the low from Monday, but it too failed on new week lows.
PS Pence more recently has turned a little more dark on China and the stocks are not liking it....
Speaking on Hong Kong now.... the S&P turned to negative.
