Technical Analysis

USDJPY races higher. Buyers scramble.

Stocks move higher. Yields moving higher too

Stocks are moving higher and trade near session highs. Yields in the US are also shooting higher with 10 year yields up 5.5 bps and 2 year up 6.2 basis points.  Each is supporting the USDJPY (and the dollar). 

Technically, the pair cracked abovet the 100 bar MA on the 4-hour and the 100 hour MA at 109.085 to 109.13 and sellers turned to buyers.  The run higher has also moved above the 200 hour MA without a lot of pause and is testing the underside of the broken trend line at 109.47.  Willl sellers be tempted to lean against the old trend line on the hourly?  A break above will look towarrd the 109.50-52 highs from Monday and Tuesday and then the 200 bar MA on the 4-hour at 109.723.

So farr, the underside of the trend line is giving traders a little cause for pause (i.e. profit taking).  

ForexLive

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