New lows for the day
The USDJPY has fallen below and away from its 100 hour MA at the 113.944 level. THe US yields are moving lower in trading today with the 10 year tradingat 2.349%, down about 4 basis points on the day. The high for the day was at 2.399%.
The next key targets on the downside are at the 38.2% of the move up from the November 28th low. That level comes in at 113.494. The low from yesterday stalled at that level. Other support comes in not far from that level at the 200 hour MA at 113.42. The low from Monday (and Friday) stalled near that MA level (green line in the chart above).
Look for resistance against 113.88 now.
PS. Looking at the weekly chart, the 100 week MA comes in at 114.672. The high this week reached 114.77 before moving lower. Last week, the 100 week MA was at 114.72. The high extended to 114.82. Sellers seem to be leaning against that MA. If you go back to March and Feb of 2016 on the daily chart swing highs came in at 114.44-54 ans 114.86. That is also helping to put a lid on the pair.....
