USDJPY moves higher after weak 10 year auction

Back testing 112.00 level

The USDJPY has moved higher after the weak 10 year auction results.

The pair is back up testing the resistance area between 111.98 (38.2% retracement of the move up from the November Election Day low) and the 112.06 which was the swing low from Jan 31. The low on Feb 2 came in at 112.04 and on Monday there was a swing low at 111.98 before the price broke below.

A move above the 112.06 would be a touch more bullish for the pair now. The high so far has reached 112.015. On a move above, the 100 hour MA at 112.38 becomes the next hurdle to get to and through. That MA has been tested 5 separate times and each time has seen a move back down. The exception was from Friday when the price spiked after the US employment report. That spike was quickly reversed.