The dollar is stronger vs all major currencies but the USDJPY
As the USD moves higher, it is not moving that way vs the JPY. In fact, the USDJPY has moved to a new session low.
However, below is now testing support defined by the:
- 38.2 retracement of the June trading range at 110.193
- The swing high from Tuesday’s trade at 110.161
- The rising 100 hour moving average comes in at 110.085
The low has reached 110.16 so far.
Look for buyers to lean against the area, but the dip buyers would need to see the price move back above the old June highs at 110.324 to take some of the pressure off of the sell side intraday.