Technical Analysis

USDJPY trying to keep the break of the 100 day MA in place

USDJPY rebounds as stocks fall and yields rise

The USDJPY broke and closed below the 100 day MA on Friday. That was the first close below that MA going back to September 2021. That tilted the technical bias on the daily chart a bit more favor of the sellers. Stay below the 100 day MA is the bias/risk defining level. Stay below is more bearish. Move back above and there is disappointment on the failed break and the buyers wrestle back control.

The 100 day MA is currently at 140.807. The high for the day reached 140.791, just below that level. The current price is at 140.63. The rise today comes after Fed Waller poured cold water on the CPI hopes. That has the USD higher, yields higher and stocks on the defensive again. The Nasdaq is now down -150 points in early trading.

On the downside getting back below 140.308 low from September 22, 2022, and then the swing high from the month of July 2022 at 139.318 would give the sellers more breathing room on the daily chart.

Move above the 100 day MA above, and there is the disappointment on the failed break from Friday. The next upside target on the daily would be the 141.75 level. That was the low from September 23.

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