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USDJPY retests the 100 hour MA
The US 10 year yield is back up near highs at 3.128%. That level was the highest since June 29th. The current yield is an 3.108%. That is unchanged on the day. The low reached 3.072%.
The move off the low has the USDJPY retesting its 100 hour moving average 136.962. The high price just reached 136.95 – just below that target. The current price is at 136.87 as seller leaned on the first look.
The 100 hour moving average is a key barometer for both the buyers and sellers. The low the price has been above and below over the last three trading days, stay below would keep the sellers in play. Move above tilt the bias more in the upward direction once again. o
Overall, the bias remains the upside. Looking at the daily chart, the corrective move in July and early August came down to test its 100 day moving average only to find support buyers again Seki moving average level. Since August 11, the price has been stepping higher. The price back above the 6120% retracement of the corrective move lower. It would take a move below that level there 135.945 to give sellers more hope.
USDJPY moves higher
Meanwhile on the hourly chart, the rising 200 hour moving average near 135.784 is another level that we need to be broken to increase the bearish bias.
Earmark 135.784 to 135.945 as a support and bias defining area on the downside. Move below would increase the bearish bias.