200 hour MA at 105.75
The USDJPY cracked the 200 hour MA at 105.75 in the early NY trading and shot up to 105.89. However, the run higher ran out of steam. We are back below that MA level. CAUTION.
That gives traders some cause for pause.
It could still regroup and run, but we have to cognizant of the potential for more longs giving up on the failure.
Nevertheless, for traders long from below, or who like the USD overall, the 50% of the move down from last weeks high at 105.617 is another risk level. Go below and we should/could see more rotation lower.
Stocks are to open in a few minutes. They are expected to open higher but there is that cautious tone (some of the early gains in the pre-market futures have been eroded). How stocks go, could be an influence of course.