Pre-market US stocks move higher
The USDJPY is reaching higher as markets continue to recover.
The NASDAQ futures are now up about 219 points (they fell -353 points on Friday). The S&P index is up about 54 points after Friday's -106 point decline and the Dow industrial average is up 370 points.
Crude oil is back above the $72.60 level after trading as low as $67.40 on Friday.
Looking at the 4 hour chart of the USDJPY, the price low today reached 112.983. That was near a swing area between 112.996 and 113.078 (and near the natural support at 113.00).
The price has rebounded in the London session with the the other markets, and in the process the pair is trading at its highest level for the day. The prices testing the 38.2% retracement of the move down from the high from last week. That retracement level comes in at 113.949. Above that level sits the 200 and 100 moving averages on the 4 hour chart at 114.023 and 114.119 respectively.
Moving back above those levels would increase the bullish bias for those pairs.
