The USDJPY is waffling up and back down. The day started with support in the Asian session held against a swing area at 138.73 and 138.86. Holding support gave buyers the go-ahead to push to the upside. That move was supported by a report that the BOJ still perceives a need for continued monetary stimulus.
The move to the upside did break above converged 100 and 200-hour moving average is near 139.53, but could not sustain momentum. The price is rotated lower in the early US session.
Moving below the swing area 138.73 – 138.89 is needed to increase a bearish bias. Conversely, getting above the 100 and 200-hour moving averages at 139.53 is needed to increase a bullish bias. With the price of trading in between those levels, the market is waiting for the next shove.
US yields are higher but off their high levels. US stocks are marginally higher in premarket trading.
