Technical Analysis

USDJPY extends towards the swing low ground after 100 hour MA damaged

111.633 eyed now by the sellers

The USDJPY moved beneath the 100 hour MA (blue line at the moment at 111.78) and sellers took extra management. The value fall has taken the worth to a low of 111.655.  I do know it isn’t precisely racing however given the slim buying and selling vary, it not less than is extending the vary, and within the course of, tilting the bias to the draw back.

111.633 eyed now by the sellers

What subsequent?

To get issues going extra to the draw back, the 111.633 has been dwelling to swing lows over the  final four buying and selling days (see purple circled numbers).  A transfer beneath that stage is now wanted to kick begin extra draw back potential. Different targets beneath can be on the 38.2%  at 111.451 and the 100 day MA at 111.403. The value on Friday moved away that 100 day MA (and in addition the 200 day MA (inexperienced line at 111.343).  

Serving to the draw back are shares (down) and yields (down).   The S&P is buying and selling beneath its 100 hour MA at 2792.  The Nasdaq index stays above its 100 hour MA at 7513.65 (the low reached 7525 up to now).   The US 10 yr yield is down 1.eight bps immediately at 2.698% 

PS the vary within the USDJPY is barely 50 pips this week. Two weeks in the past, the vary was 52 pips which was essentially the most slim vary for per week going again to January 2012.  I count on the vary to be prolonged this week.  The sellers are extra in management beneath the 100 hour MA.  


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