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Monday, June 14, 2021

USDJPY falls back between the 100 and 200 hour moving averages

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Gains from yesterday from the NY session are erased

The low in the New York session reached 109.617 yesterday. The price of theUSDJPY is just reached 109.613. The gains – which took the price up to 110.324 -have been fully retraced.

Gains from yesterday from the NY session are erased

In the process, the price is back between its 100 hour moving average at 109.74 and the 200 hour moving average at 109.542. The price has not traded below its 200 hour moving average since May 26 (when the price was at 108.973).  A move below that moving average would next target the midpoint of the range since the May 25 swing low at the 109.439 level.

Risk for shorts is now a move back above the 100 hour moving average. Stay below and the sellers are in firm control. Move above and the waters get a little bit more muddy as the bias shifts marginally in favor of longs (as long as the price stays above that MA level).

US stocks are getting ready to open:

  • NASDAQ is up 80 points
  • S&P is up 17.6 points
  • Dow is up 81 points

The US 10 year yield is now down minus 2.7 basis points at 1.5977%

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