Home / Forex Treiding / USDJPY backs down to 100 hour MA after weaker housing data

USDJPY backs down to 100 hour MA after weaker housing data

  • share

38.2% stalled the rally.

The USDJPY bottomed today at the 200 hour MA (green line in the chart below) in the Asian session.  The market stepped higher with the 38.2% of the move down from the October high stalling the rally at 112.735. The price has moved lower off that level – helped by weakernew home sales – and is now testing its 100 hour moving average of 112.48 (blue line in the chart below).   A move below will next target the 200 hour moving average again at 112.326 (green line in the chart below).  
The pair closed at 112.43 yesterday. The London session low came in around that level at 112.42.  Sometimes turning from up to down on the day is a key bias level as well.
Let’s face it, the up and downs over the last 10 or so days puts a number of levels in play.  Traders have to be flexible in this environment as traders battle an up and down stock market, Fed tighteing, concerns about earnings, and fears that although the economy is zooming, things like housing declines/asset declines may lead to slower growth.  There are also tariffs, declining markets overseas, elections and implications.  Theire are a lot of balls in the air right now. 

Interest rates are not helping the dollar with the 5 and 10 your notes down 5 basis points on the day. The US stocks are also on the slide now with the S&P down 17 points or -0.61% and the NASDAQ down 62 points or -0.84%. 

About SkyNET

Leave a Reply

Your email address will not be published.