USDJPY falls to a new session low

The USDJPY traded briefly above its 100-hour moving average after the jobs report. The high price reached 142.89. The 100 hour moving average is at 142.812.

The price of the USDJPY has since reversed lower and traded to a new session low for the day. Admittedly the low to high trading range is only 75 pips. The average of the last 22 trading days is 163 pips. There is room to room.

Looking at the hourly chart, the price is approaching the broken 61.8% retracement of the move down from the June 30 high. That level comes in at 142.07 and the low from yesterday came in at 142.06. The swing area between 141.84 and 142.07 is another level that if broken would add to the bearish bias. Below that is the rising 200-hour moving average at 141.667. All those levels are targets that would need to be broken to increase the bearish bias going forward.

At 9:02 AM ET:

  • Dow Industrial Average is up 25 points
  • S&P index is up 10.86 points
  • NASDAQ index is up 69.46 points
  • 2 year yield 4.866% -2.9 basis points
  • 10 year yield 4.149% -4.0 basis points
  • 30 year yield 4.269% -3.4 basis points

This article was written by Greg Michalowski at Source