108.47 -52 is swing and 100 hour MA support target
The USDJPY - like other pairs - has moved to a support target on the back of more dovish comments from Fed Chair Powell.
The price has moved to high from July 1 at the 108.52 area and the rising 100 hour MA at 108.474. THe low just reached 108.518 so far. A break below both levels will look to target the 200 bar MA on the 4-hour chart at 108.322 and then the 200 hour MA at 108.236. A trend line cuts across at 108.195.
There is a stall (like the EURUSD and GBPUSD as well). If the dollar takes another run to the downside (the corrections are shallow so far), the USDJPY needs to get below the 100 hour MA.
Stocks opening higher with Dow up 110 points and S&P up 13.54 points now. Yields are lower with the 2 year leading the way at -6 bps now.
